US Regulators Slap 11 Wall Street Firms With $549 Million in Fines Over Messaging Probe

The Securities and Exchange Commission disclosed $289 million in fines following a two-year investigation that focused on Wall Street’s retention of electronic communications, saying that they violated rules that mandate companies to maintain and preserve those records.

A street sign in front of the New York Stock Exchange in New York on June 14, 2022. Seth Wenig/AP Photo

U.S. regulators announced charges and fines against 11 Wall Street firms over their failure to maintain electronic records of employee communications.

The Securities and Exchange Commission (SEC) disclosed the combined $289 million in fines following a two-year enforcement investigation that focused on Wall Street’s “off-channel” work communications, including Apple’s iMessage, WhatsApp, and Signal, that they say violate rules that require companies to retain specific work-related communications.