September 27, 2022

Eleven financial institutions—including Bank of America, Barclays, Cantor Fitzgerald, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, Jefferies, Morgan Stanley, Nomura, and UBS—have been ordered to pay over $710 million total for violating CFTC recordkeeping and supervision requirements.  Each institution was found to have failed to prevent their employees from communicating both internally and externally about firm business using informal means, such as texts, Whatsapp, and Signal, and failed to preserve those communications.  The individual payments ranged from $100 million (Bank of America) to $6 million (Cantor Fitzgerald), with the majority of institutions ordered to pay $75 million.  CFTC

Tagged in: Financial Institution Fraud,