- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-02-09T17:05:00
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.
The firms and the amounts fined were:
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Registered investment adviser Senvest Management agreed to pay $6.5 million as part of a settlement with the Securities and Exchange Commission addressing admitted off-channel communications violations and separate code of ethics failures.
The Commodity Futures Trading Commission announced settlements with U.S. Bank and Oppenheimer & Co. for admitted recordkeeping and supervision failures regarding employee use of off-channel communications for conducting business.
Ameriprise Financial disclosed it recorded a $50 million accrual related to the resolution of a Securities and Exchange Commission probe into use of off-channel communications by its employees for conducting business.
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
