A dozen financial services firms were penalized by the Securities and Exchange Commission (SEC) as the agency continues its enforcement sweep of recordkeeping violations regarding employee use of off-channel communications for business purposes.
The latest round of fines announced Friday targeted broker-dealers, investment advisers, and credit rating agencies. The largest penalty the SEC assessed was $35 million against Interactive Brokers Corp. and its affiliate Interactive Brokers LLC. The Commodity Futures Trading Commission (CFTC) also fined Interactive Brokers $20 million.
