08.14.24

Dozens of Financial Groups To Pay Nearly $400 Million in SEC Texting Probe

by: Will Schmidt

More than two dozen Wall Street companies agreed to pay a total of $393 million to the U.S. Securities and Exchange Commission (SEC), settling charges over employee texting and messaging about business matters on platforms such as WhatsApp. Ameriprise, Edward Jones, LPL Financial and Raymond James are among the financial groups settling with the SEC, with each of those four paying $50 million in penalties. The fines range as high as $50 million a company and as low as $400,000, the regulator said, noting that the groups which self-reported violations will pay “significantly lower” penalties than they otherwise would have.

Read the full article on Financial Times