FILE PHOTO: The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. REUTERS/Andrew Kelly//File Photo
WASHINGTON (Reuters) -The U.S. Securities and Exchange Commission on Friday said 16 firms will pay more than $81 million to settle charges for widespread recordkeeping failures.
The agency announced the civil penalties against five broker-dealers, seven dual registered broker-dealers and investment advisers, and four affiliated investment advisers.
The settlements are the latest in a multi-year push by the SEC to probe Wall Street’s recordkeeping practices. The agency has brought dozens of similar enforcement actions against financial firms.
The 16 firms admitted the facts and have begun improving compliance policies and procedures, the SEC said in a statement on Friday.
“The SEC’s investigations uncovered pervasive and longstanding uses of unapproved communication methods, known as off-channel communications, at all 16 firms,” the SEC statement said.
The firms admitted that employees “communicated through personal text messages about the business of their employers” and “sent and received off-channel communications related to recommendations made or proposed to be made and advice given or proposed to be given,” the SEC said.
The group includes Oppenheimer & Co. Inc and two Guggenheim entities as well as Northwestern Mutual Investment Services LLC, Cambridge Investment Research Inc., Key Investment Services LLC, Lincoln Financial Advisors Corporation, U.S. Bancorp Investments Inc. and The Huntington Investment Company, the SEC said.
Lawyers for the firms did not respond immediately to requests for comment.
(Reporting by Doina Chiacu; Editing by Susan Heavey, Barbara Lewis, Philippa Fletcher)
News Related
-
-
-
FILE PHOTO: A man walks in the Central Business District on a rainy day, in Beijing, China, July 12, 2023. REUTERS/Thomas Peter/File Photo By Joe Cash, Ellen Zhang and Kane Wu BEIJING/HONG KONG (Reuters) – U.S. furniture company head Jordan England thinks his firm’s Chinese suppliers are among the best ...
See Details:
Analysis-West's de-risking starts to bite China's prospects
-
Independent senators are trying a parliamentary tactic last successful 90 years ago to give first responders PTSD protections and end domestic violence discrimination in the workplace. Senators Jacqui Lambie and David Pocock took four elements of Labor’s larger workplace law reform bill and it passed the Senate against the government’s ...
See Details:
'Beyond a joke' Labor won't ensure PTSD protections: MP
-
-
-
-
Photograph: Rod McGuirk/AP The stateless Rohingyan refugee who successfully overturned the legality of indefinite immigration detention was accidentally named in documents published by the high court. The man was identified by his surname in a home affairs department email providing an internal update about the case, which was among documents ...
See Details:
Rohingyan refugee NZYQ accidentally named in documents published by high court
-
Photograph: Rod McGuirk/AP The stateless Rohingyan refugee who successfully overturned the legality of indefinite immigration detention was accidentally named in documents published by the high court. The man was identified by his surname in a home affairs department email providing an internal update about the case, which was among documents ...
See Details:
Colorado loses commitments of 2 more high school recruits
-
Photograph: Rod McGuirk/AP The stateless Rohingyan refugee who successfully overturned the legality of indefinite immigration detention was accidentally named in documents published by the high court. The man was identified by his surname in a home affairs department email providing an internal update about the case, which was among documents ...
See Details:
Queensland Health issues urgent patient safety alert over national bacteria outbreak
-
Photograph: Rod McGuirk/AP The stateless Rohingyan refugee who successfully overturned the legality of indefinite immigration detention was accidentally named in documents published by the high court. The man was identified by his surname in a home affairs department email providing an internal update about the case, which was among documents ...
See Details:
Townsville Community Pantry 'distressed' by fruit, vegetable waste at Aldi supermarket
-
Photograph: Rod McGuirk/AP The stateless Rohingyan refugee who successfully overturned the legality of indefinite immigration detention was accidentally named in documents published by the high court. The man was identified by his surname in a home affairs department email providing an internal update about the case, which was among documents ...
See Details:
What Is The Beaver Moon And What Does It Mean For You?
-
Photograph: Rod McGuirk/AP The stateless Rohingyan refugee who successfully overturned the legality of indefinite immigration detention was accidentally named in documents published by the high court. The man was identified by his surname in a home affairs department email providing an internal update about the case, which was among documents ...
See Details:
Labor senator Pat Dodson to resign from politics due to health issues
-
Photograph: Rod McGuirk/AP The stateless Rohingyan refugee who successfully overturned the legality of indefinite immigration detention was accidentally named in documents published by the high court. The man was identified by his surname in a home affairs department email providing an internal update about the case, which was among documents ...
See Details:
Hamas releases 11 more hostages, as Israel agrees to extend ceasefire
OTHER NEWS
Disrupt Burrup Hub group say police have issued move-on notices prohibiting access to the WA site. A group of climate activists and filmmakers say their phones have been seized during ...
Read more »
As individuals, we have unique experiences that affect our mental health and wellbeing, but what about the collective experiences that influence each generation? The mental health of Australians has been ...
Read more »
Syed Ghazaly wants to see the Geraldton abattoir reopen early next year to process 1,000 sheep a day. (ABC Mid West Wheatbelt: Chris Lewis) The new owners of a mothballed ...
Read more »
Carlton coach Michael Voss says he and his players understand there are heightened expectations on them, but insists the Blues are ready to develop individually and in their game plan. ...
Read more »
The Bulldogs’ off-season signing frenzy is set to continue with the club reportedly set to land Cronnor Tracey in a swap deal. The Sydney Morning Herald reports Tracey is expected ...
Read more »
Consumers and impacted businesses are being urged to have their say on the Optus outage, with the federal government laying out the terms of reference for its review into the ...
Read more »
It has been revealed a released immigration detainee is unable to be contacted by authorities. Border Force has referred the matter to the Federal Police as authorities are attempting to ...
Read more »