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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2022-08-08T17:35:00
Morgan Stanley has reached agreements in principle totaling $200 million with two U.S. regulators to settle charges its employees used messaging platforms not approved by the financial services company.
In a regulatory filing Friday, Morgan Stanley said it reached a $125 million agreement with the Securities and Exchange Commission (SEC) and will pay an additional $75 million to the Commodity Futures Trading Commission (CFTC) “to resolve record-keeping related investigations by those agencies relating to business communications on messaging platforms that had not been approved by the firm.”
The impending enforcement action follows a similar case announced in December, in which JPMorgan Chase was fined a total of $200 million by the SEC and CFTC for failure to maintain records of communications on securities, commodities, and swaps business matters made on bank employees’ personal devices. The regulators concluded the practice occurred over several years and was widespread among all levels of employees, including at the senior level.
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2022-09-20T18:40:00Z By Adrianne Appel
Morgan Stanley Smith Barney agreed to pay $35 million to settle Securities and Exchange Commission charges it repeatedly disregarded the safeguarding of clients’ personal data in decommissioning local storage devices.
2022-08-25T17:47:00Z By Aaron Nicodemus
Monique Thacker, a current HSBC Bank USA executive, claimed in a federal lawsuit she was discriminated and retaliated against for raising regulatory violations involving unauthorized communications by bank employees that were downplayed or ignored by management.
2022-08-24T12:00:00Z By Jaclyn Jaeger
U.S. regulators have signaled through an impending widespread enforcement sweep they are zeroing in on banker use of messaging apps to discuss business matters. The cases emphasize the need for financial services firms to enhance their monitoring and recordkeeping.
2024-07-26T19:18:00Z By Jeff Dale
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.
2024-07-26T15:51:00Z By Aaron Nicodemus
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.
2024-07-26T13:36:00Z By Adrianne Appel
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.
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