SEC Finalizing 19 New Settlements in Wall Street WhatsApp Probe: Reuters

A businessman sending messages on a smartphone

As part of the settlements, Reuters reported that firms will admit wrongdoing and utilize independent contractors as part of the commitment to fix the lapses. Roughly two dozen firms are involved, the report said, with some paying as much $50 million.

Details on some deals are expected by Sept. 30, ahead of the SEC’s fiscal year-end, according to the report. An SEC spokesperson declined to comment to Reuters.

A wide swath of firms have disclosed that regulators are looking at their messaging practices, including private equity titans Apollo Global Management Inc. and Carlyle Group Inc.

Other notable companies that have already been fined hundreds of millions of dollars include Wells Fargo & Co., BNP Paribas SA, Bank of America Corp., Citigroup Inc. and Goldman Sachs Group Inc.

Who’s on Notice 

Company
Source
Agency
Focus

Apollo Global Management Inc.
10-Q
SEC
Electronic messaging channels

BlackRock Inc.
10-Q
SEC
Record retention requirements

Blackstone Inc.
10-Q
SEC
Retention of electronic business communications

Carlyle Group Inc.
10-Q
SEC
WhatsApp, WeChat and similar applications

Citadel
BN
SEC
Unapproved channels

Fifth Third Bancorp
10-Q
SEC, CFTC
Settlement talks underway

Interactive Brokers Group Inc.
10-Q
SEC, CFTC
Records preservation requirements

Invesco Ltd.
10-Q
SEC
Investment advisers

Jones Financial Cos.
10-Q
SEC
Unapproved devices, platforms

KeyCorp
10-Q
SEC, CFTC
Broker-dealer, investment advisers

KKR & Co.
10-Q
SEC
Business-related electronic communications

LPL Financial Holdings Inc.
10-Q
SEC
Personal devices and messaging platforms

Oppenheimer Holdings Inc.
10-Q
SEC, CFTC
Broker-dealer, investment advisers

Point72 Asset Management
BN
SEC
Unapproved channels

Robinhood Markets Inc.
10-Q
SEC, Finra
Brokerage communications

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TPG Inc.
10-Q
SEC
Retention of electronic communications

Truist Financial Corp.
10-Q
SEC, CFTC
Broker-dealer, investment adviser, swap dealer

US Bancorp
10-Q
SEC
Broker-dealer, investment adviser

Voya Financial Inc.
10-Q
SEC
Unapproved channels

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