Bloomberg LP started notifying its Wall Street clients that crucial data about who has received e-mails have been missing for more than nine years, reports Kevin Dugan of the New York Post.
Dugan writes, “Law enforcement officials and regulators often go directly to Bloomberg for e-mails and chats in order to establish chain of custody in cases that involve securities fraud and insider trading, current and former government prosecutors have told The Post.
“‘Those [e-mails] also get produced for the DOJ, FINRA and the SEC amongst other regulators,’ one source told The Post. ‘If they are missing, it is not good.’
“E-mails and chats have been used as evidence against banks in almost all the biggest cases that have rocked Wall Street, from Libor-rigging trials to financial-crisis era frauds.
“‘No information was lost, no instant messages were affected, and only a very small proportion of recipient addresses were impacted in the message archive,’ Ty Trippet, a Bloomberg spokesman, told The Post.”
Read more here.
