September 27, 2022

Fifteen broker-dealers and one affiliated investment advisor has been ordered to pay combined penalties of more than $1.1 billion following SEC charges of violating the recordkeeping provision of securities laws.  Barclays, Bank of America (including Merrill Lynch, Pierce, Fenner & Smith), Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley, and UBS each paid $125 million, while Jefferies and Nomura each paid $50 million and Cantor Fitzgerald paid $10 million, to settle charges of failing to prevent or preserve communications their employees made via messaging apps on their personal devices.  SEC

Tagged in: Financial Institution Fraud,