Top Wall Street banks, including several Wells Fargo companies, will pay a combined $549 million in fines after admitting that their employees, “including those at senior levels”, often communicated through various messaging platforms on their personal devices, including iMessage, WhatsApp, and Signal, about the business of their employers.
The US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) fined the banks for being unable to produce those “off-channel” employee communications going back to at least 2019.
The SEC charged 11 firms for widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications.
They acknowledged that their conduct violated record-keeping provisions of the federal securities laws and agreed to pay combined penalties of $289 million.
“While some broker-dealers and investment advisers have heeded this message, self-reported violations, or improved internal policies and procedures, today’s actions remind us that many still have not,” Gurbir S. Grewal, Director of the SEC’s Division of Enforcement, said in a statement late on Tuesday.
“Recordkeeping failures such as those here undermine our ability to exercise effective regulatory oversight, often at the expense of investors,” added Sanjay Wadhwa, Deputy Director of Enforcement.
In addition to the significant financial penalties, each of the firms was ordered to cease and desist from future violations of the relevant recordkeeping provisions and was censured.
The US CFTC also fined top Wall Street banks to the tune of $260 million for similar reasons.
CYKA conducted 15th State Level SAKUNGPHAI FESTIVAL 2025
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NFR speeds up essential and non-essential goods to NE states: Official
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MHA approves Tripura's official emblem: CM Saha
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Cataract surgery camp organized at GBP, 13 patients receive successful treatment
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BJP Janjati Morcha slams CPIM’s tribal wing
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'Has endeared himself to people of Tripura', PM Modi extends birthday wishes to CM Manik Saha
Prime Minister Narendra Modi greeted Tripura Chief Minister Manik Saha on his birthday, saying that the leader has endeared himself to the state's people with his humble and hardworking nature.
B'deshi smugglers attempt attack on BSF troopers, try to snatch weapons
A group of cross-border smugglers on Tuesday tried to attack a team of on-duty Border Security Force (BSF) personnel and attempted to snatch the weapons of the jawans near northern Tripura, but the bordering guarding force thwarted the daring move, officials said.
Women outnumber male voters in 4 NE states, gender ratio higher than national average
Women voters outnumbered the male voters in the electoral rolls of four northeastern states - Manipur, Mizoram, Meghalaya and Arunachal Pradesh - where overall gender ratio was much higher than the national average, officials said on Tuesday.