The ongoing off-channel communications sweep by the Securities and Exchange Commission (SEC) netted 16 more broker-dealers and investment advisers, with the latest wave of fines totaling more than $81 million.
The firms each admitted they violated the recordkeeping provisions of federal securities laws when their employees communicated about company business on nonauthorized channels that were not supervised, monitored, recorded, or archived. In addition to paying fines, which ranged from $16.5 million to $1.25 million, the firms each took steps to remediate the issues, the SEC said Friday in a press release.
