In December 2007, the Federal Trade Commission announced a $50,000 
settlement with American Mortgage Company of Northbrook, Illinois, over 
charges the company violated the FTC's Disposal, Safeguards, and Privacy 
rules by failing to properly dispose of documents containing consumers' 
credit and personally identifiable information. In announcing the 
settlement, the FTC put all companies on notice that it is taking such 
failures seriously.
A $50,000 settlement might seem low when measured against the potential 
for financial harm to individuals as a result of the company's negligence, 
but in addition to the negative PR for American Mortgage, the settlement 
includes an obligation to obtain an audit, every two years for the next 10 
years, from a qualified, independent, third-party professional to ensure 
that its security program meets the standards of the order. Any similar 
failures by this company during the next decade will be met with more 
severe punishment. That, indeed, is a very costly lesson



From:   "Holly, Debi" <[log in to unmask]>
To:     [log in to unmask]
Date:   12/12/2011 12:19 PM
Subject:        Keeping records too long
Sent by:        Records Management Program <[log in to unmask]>



We all know that proper records management includes disposition of records 
when they have met their retention.  We also know that if we keep records 
longer than their retention period, we open our agencies/companies up to 
court sanctions.

My question for this group is:  Do you know of a specific case(s) where 
the company/agency was sanctioned for keeping records longer than they 
should?

You can reply to the list or privately.  Thank you!

Debi Holly
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