August 8, 2023
, Société Générale
, Wells Fargo
, and Bank of Montreal
have been ordered to pay a combined $260 million
for violating CFTC rules around recordkeeping and supervision. Separately, two of those institutions, BNP Paribas
and Wells Fargo
, along with BMO Capital Markets Corp.
, Houlihan Lokey Capital, Inc.
, Mizuho Securities USA LLC
, Moelis & Company LLC
, SMBC Nikko Securities America, Inc.
, and Wedbush Securities Inc.
, have agreed to pay a combined $289 million
for violating similar SEC rules. The financial institutions were found to have failed to maintain, preserve, or produce communications sent via unapproved channels, such as personal texts. With this enforcement action, the CFTC has recovered over $1 billion from actions against 18 financial institutions for similar charges, while the SEC has recovered over $1.5 billion from actions against 30 financial institutions. CFTC