"SEC Imposes $81M in Fines on Wall Street Firms for Communication Violations"
TL;DR
Several Wall Street firms, including Oppenheimer and US Bancorp, have agreed to pay over $81 million in fines to settle SEC charges of record-keeping failures related to employees' use of personal devices and apps like WhatsApp for work-related communications. The SEC's multi-year initiative has uncovered widespread off-channel communications, leading to fines totaling $1.7 billion since 2021. The firms admitted to the violations and are improving compliance policies and procedures.
- Wall Street firms hit with $81M in fines in latest WhatsApp, texting crackdown New York Post
- U.S. Bancorp and 15 others fined $81 million for record-keeping failures by SEC MarketWatch
- SEC Fines 16 Financial Firms More Than $81 Million Amid WhatsApp Use Probe Bloomberg
- Cambridge, Lincoln, among firms hit in SEC's latest round of communications fines InvestmentNews
- Sidley, Milbank, Foley & Lardner and Simpson Land Defense Roles on SEC Action | National Law Journal Law.com
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