- 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.
Eight business executives, including the billionaire owner of Indian energy company Adani Group, were charged with fraud for their alleged roles in a multi-million bribery scheme to win a solar energy contract in India.
Three months after a U.S. district judge declared Google to be running a monopoly, the Department of Justice recommended the tech giant be forced to sell off its popular Chrome browser as part of an effort to resolve antitrust concerns and reshape the power of tech’s biggest companies.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
