Fines for off-channel communications use by employees just keep on coming, with 12 municipal advisory firms fined a total of $1.3 million in the latest Securities and Exchange Commission sweep.

Kaufman Hall & Associates, together with Ponder & Company (which Kaufman Hall acquired in May 2023), drew the biggest fine ($325,000) from the SEC in this enforcement sweep, although it was really one fine that applied to two companies.

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Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...