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In re R. T. Jones Capital Equities Management

SEC Administrative Proceeding File No. 3-16827 (2015)

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In re R. T. Jones Capital Equities Management

Securities and Exchange Commission
SEC Administrative Proceeding File No. 3-16827 (2015)

Facts

R. T. Jones Capital Equities Management, Inc. (R. T. Jones) (defendant) was an investment-adviser firm that did not have any written policies or procedures in place for protecting its customers’ personally identifiable information. Operating with no information-security policies in place, R. T. Jones stored the names, birthdates, and Social Security numbers of approximately 100,000 clients and potential clients on a server hosted by a third party without encrypting the information. The server’s security was compromised, but the extent of the breach was not clear. R. T. Jones responded by hiring multiple cybersecurity companies to evaluate the breach and to help secure the data going forward. R. T. Jones also paid for a third party to monitor the credit of all the impacted individuals. The breach did not end up causing any known damage to the affected individuals. However, the Securities and Exchange Commission (SEC) (plaintiff) filed an action against R. T. Jones. The SEC alleged that R. T. Jones had violated the Safeguards Rule by failing to have and implement policies and procedures for safeguarding its customers’ private information. R. T. Jones did not admit fault, but it cooperated with the SEC investigators and agreed to the entry of a consent order.

Rule of Law

Issue

Holding and Reasoning (Fields, J.)

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