The US securities regulator has expanded its investigation into Wall Street’s use of private messaging apps by collecting thousands of staff messages from major investment companies. The Securities and Exchange Commission (SEC) had initially asked the companies to internally review messages in its investigation of WhatsApp, Signal, and other unapproved messaging apps. However, the SEC has now escalated its probe by reviewing thousands of staff messages, increasing the risk for the companies and executives involved. The investigation into potential breaches of record-keeping rules has already resulted in over $2 billion in fines. The SEC has asked for messages on personal devices or applications from the first half of 2021 and has targeted senior executives at firms such as Carlyle Group, Apollo Global Management, KKR, TPG, and Blackstone. The executives have provided their personal phones and devices to their employers or lawyers for review. The SEC’s crackdown on record-keeping rules is an effort to prevent wrongdoing in the financial industry. Critics argue that the SEC’s request is invasive and raises privacy concerns.
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