16 Wall Street firms fined $1.8B for using private text apps, lying about it

The US Securities and Exchange Commission (SEC) has fined big-name banks and brokerages a collective $1.8 billion over workers’ use of private texting apps to discuss work and for not always saving those messages. The fines include $1.1 billion assessed by the SEC and a $710 million fine from the Commodity Futures Trading Commission (CFTC).

The SEC investigation uncovered what the agency called “pervasive off-channel communications,” that were collected by the firms themselves from employee devices. The employees included senior and junior investment bankers and debt and equity traders.

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