Wells Fargo agreed to pay the largest penalties—$125 million to the SEC and $75 million to the CFTC—while fines ran from $9 million to $75 million for the other firms. They include Bank of Montreal, BMO Capital Markets, BNP Paribas, Houlihan Lokey Capital, Mizuho Securities USA, Moelis & Company, SMBC Nikko Securities America, Société Générale and Wedbush Securities.
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The SEC said that senior executives and other employees engaged in “off-channel communications … through various messaging platforms on their personal devices, including iMessage, WhatsApp, and Signal.”
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Wells Fargo, Others Fined $549M for 'Off-Channel' Messages
The Securities and Exchange Commission and the Commodity Futures Trading Commission have announced a combined $549 million in fines against an array of banks, including Wells Fargo, for what the SEC calls “widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications.” So reports Ars Technica.
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