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FINRA Imposes $600K Fine on Lincoln National Units

DATA LOSS—U.S.

February 18, 2011

The Financial Industry Regulatory Authority (FINRA) has reached an agreement with Lincoln Financial Securities Inc. (LFS) and Lincoln Financial Advisors Corp. (LFA) over inadequate data security, the Associated Press reports. FINRA fined the broker-dealer and financial advisory firms a combined $600,000 for allowing employees to "use shared usernames and passwords to access customer records from any Web browser on any network" and other inadequacies, the report states. FINRA fined LFS $450,000 and LFA $150,000.
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