SEC issues $63M in fines to dozen firms in ongoing off-channel comms sweep

Twelve more firms have been dinged with fines by the Securities and Exchange Commission for failing to properly supervise employees who used off-channel communications to conduct company business. In this latest round of enforcement actions, nine investment advisers and three broker-dealers will pay a total of $63 million.

Among those firms fined by the SEC on Tuesday were:

• Blackstone Alternative Credit Advisors, Blackstone Management Partners, and Blackstone Real Estate Advisors, fined a total of $12 million.
• Kohlberg Kravis Roberts & Co., fined $11 million.
• Charles Schwab & Co., fined $10 million.
• Apollo Capital Management, fined $8.5 million.
• Carlyle Investment Management, Carlyle Global Credit Investment Management, and AlpInvest Partners, fined a total of $8.5 million.
• TPG Capital Advisors, fined $8.5 million.
• Santander US Capital Markets, fined $4 million.
• PJT Partners, which self-reported, fined $600,000.

In a separate enforcement action, also issued Tuesday, two Robinhood Markets broker dealers, Robinhood Securities and Robinhood Financial, were fined a total of $8 million for off-channel communications violations, part of $45 million in fines against Robinhood.