Wells Fargo and a slew of other Wall Street firms admitted Tuesday to using WhatsApp, Signal and other messaging platforms for “off-channel” communications in violation of federal recordkeeping requirements.
The Securities and Exchange Commission said the Wall Street firms acknowledged wrongdoing and have agreed to pay penalties totaling $289 million. The SEC said its investigation uncovered “pervasive and longstanding ‘off-channel’ communications” at Wells Fargo, BNP Paribas, SG Americas, BMO Capital Markets, Mizuho Securities, Houlihan Lokey, Moelis, Wedbush and SMBC Nikko Securities America.
The settlement is the latest in a broader crackdown by regulators into how the industry failed to maintain and preserve electronic communications by using personal devices. Another regulator, the Commodity Futures Trading Commission, also fined four of the same Wall Street firms for failing to maintain records and failing to supervise matters related to their businesses.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
US regulators impose record-keeping fines on more Wall Street firmsU.S. regulators have fined several Wall Street firms a total of $549 million for failing to properly keep records of employees' use of personal text messages and messaging apps. The Securities and Exchange Commission (SEC) launched investigations into investment advisers and broker dealers after announcing similar actions last September. Compliance with record-keeping requirements is crucial for investor protection and market efficiency.
Leer más »
Stock futures are little changed as Wall Street comes off a losing week: Live updatesLast week was the worst for the S&P 500 and Nasdaq Composite since March.
Leer más »
Rivian earnings: Wall Street eyes $1 billion in Q2 revenue for EV makerWall Street is looking for Rivian to hit $1 billion in quarterly revenue and keep a lid on costs.
Leer más »
U.S. stocks open higher as Wall Street comes off its worst week since MarchU.S. stock indexes opened higher on Monday morning after the S&P 500 and Nasdaq Composite closed out their worst weekly performance since March. Investors’...
Leer más »
Berkshire Hathaway shares are still cheap even at these record levels, Wall Street analysts sayBerkshire shares just hit a record high on the back of a strong quarter, but analysts believe it's still not too late to buy Warren Buffett's conglomerate.
Leer más »
UBS rejigs investment bank in bid to better compete with Wall StreetUBS announced an overhaul of its investment banking division on Monday, including naming the unit's M&A chiefs, marking a key step in integrating Credit Suisse.
Leer más »