Off-Channel Communications Sweep Results in $88M Penalties (09/24/24)
In another off-channel communication enforcement sweep, the SEC charged twelve firms, including investment advisers and broker-dealers, with failures to maintain electronic communications. The sweep resulted in civil penalties of more than $88 million ranging from $35 million against two of the largest firms to $0 against one firm that conducted an internal investigation, uncovered its own violations, and self-reported to the SEC.
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