Wall Street Firms to Pay Over $470 Million in SEC Texting Probe Settlement

Aug 14, 2024, 09:41 PM

Twenty-six financial firms have agreed to pay more than $470 million to settle charges with U.S. regulators, including the U.S. Securities and Exchange Commission (SEC), over widespread recordkeeping failures. The SEC alleged that these firms failed to maintain proper electronic communications among their employees. This settlement highlights ongoing regulatory scrutiny in the financial sector, particularly concerning compliance with recordkeeping requirements.