SEC Expands WhatsApp Probe, Collecting Wall Street's Private Messages
The U.S. Securities and Exchange Commission (SEC) has escalated its probe into Wall Street's use of private messaging apps by collecting thousands of staff messages from over a dozen major investment companies. The SEC's investigation initially targeted broker dealers and resulted in over $2 billion in fines. However, the probe has now expanded to investment advisers, with the SEC reviewing messages on personal devices or applications that discuss business. The companies involved include Carlyle Group, Apollo Global Management, KKR & Co, TPG, and Blackstone, among others. Executives have handed over their personal devices to their employers or lawyers, and messages discussing business have been provided to the SEC. The investigation raises the stakes for the companies and executives involved, exposing their conduct to SEC scrutiny.