Regulators on Friday fined eight companies a combined $111 million over record-keeping lapses, marking the latest enforcement actions in the Securities and Exchange Commission’s (SEC) ongoing crackdown on Wall Street’s use of unapproved messaging channels for business discussions, including WhatsApp.
The SEC announced that eight broker-dealers, investment advisers, and rating agencies, such as Perella Weinberg, Interactive Brokers, Fifth Third Securities, and Nuveen Securities, have agreed to pay a total of $91 million in penalties to the agency. In addition, Interactive Brokers will pay the Commodity Futures Trading Commission (CFTC) $20 million to settle related charges.
Reuters initially reported earlier this week that the SEC was nearing settlements with several Wall Street firms over record-keeping failures. These settlements bring the total fines resulting from the SEC’s two-year crackdown to over $2 billion.
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