{"id":40,"date":"2024-08-16T02:50:44","date_gmt":"2024-08-16T02:50:44","guid":{"rendered":"https:\/\/financialrizz.com\/?p=40"},"modified":"2024-08-16T02:50:44","modified_gmt":"2024-08-16T02:50:44","slug":"wall-street-faces-us400m-fine-for-using-whatsapp-for-work","status":"publish","type":"post","link":"https:\/\/financialrizz.com\/index.php\/2024\/08\/16\/wall-street-faces-us400m-fine-for-using-whatsapp-for-work\/","title":{"rendered":"Wall Street faces US$400M fine for using WhatsApp for work."},"content":{"rendered":"

Do you have a cool Gen-Z\/X boss that just hates email? Well the SEC<\/a> might be after them for using private messaging in work communication.<\/p>\n

The Rizz<\/em><\/h3>\n

WhatsApp has grown into a useful channel of communication across the globe, well most of the globe. With exception of Asian countries such as China & North Korea, it is a widely used day to day platform essentially taking over generic texting for most android users. Well The SEC isn’t too happy about that! And they’ve put the gloves on.<\/p>\n

The Stats<\/em><\/h3>\n

Here are the 26 firms paying US$400M in fines this year (2024) as according to the SEC press release yesterday :<\/p>\n

Company<\/em><\/p>\n

Fine (US$)<\/em><\/p>\n

Ameriprise Financial Services, LLC<\/em><\/p>\n

50M<\/em><\/p>\n

Edward D. Jones & Co., L.P.<\/em><\/p>\n

50M<\/em><\/p>\n

LPL Financial LLC <\/em><\/p>\n

50M<\/em><\/p>\n

Raymond James & Associates, Inc.<\/em><\/p>\n

50M<\/em><\/p>\n

RBC Capital Markets, LLC<\/em><\/p>\n

45M<\/em><\/p>\n

BNY Mellon Securities Corporation, together with Pershing LLC,<\/em><\/p>\n

40M<\/em><\/p>\n

TD Securities (USA) LLC, together with TD Private Client Wealth LLC and Epoch Investment Partners, Inc.,<\/em><\/p>\n

30M<\/em><\/p>\n

Osaic Services, Inc., together with Osaic Wealth, Inc.,<\/em><\/p>\n

18M<\/em><\/p>\n

Cowen and Company, LLC, together with Cowen Investment Management LLC,<\/em><\/p>\n

16.5M<\/em><\/p>\n

Piper Sandler & Co.<\/em><\/p>\n

14M<\/em><\/p>\n

First Trust Portfolios L.P.<\/em><\/p>\n

8M<\/em><\/p>\n

Apex Clearing Corporation<\/em><\/p>\n

6M<\/em><\/p>\n

Truist Securities, Inc., Truist Investment Services, Inc. and Truist Advisory Services, Inc., <\/em><\/p>\n

5.5M<\/em><\/p>\n

Cetera Advisor Networks LLC, Cetera Investment Services LLC,<\/em><\/p>\n

4.5M<\/em><\/p>\n

Great Point Capital, LLC<\/em><\/p>\n

2M<\/em><\/p>\n

Hilltop Securities Inc., which self-reported,<\/em><\/p>\n

1.6M<\/em><\/p>\n

P. Schoenfeld Asset Management LP<\/em><\/p>\n

1.25M<\/em><\/p>\n

Haitong International Securities (USA) Inc.<\/em><\/p>\n

0.4M<\/em><\/p>\n

<\/em><\/h3>\n

The <\/em>Gist<\/h3>\n

It’s not the first time firms have been fined on this seemingly this bizarre account. Infact in 2022<\/a>, the list included household names Goldman Sachs, Morgan Stanley and Bank of America.<\/p>\n

The firms in the latest list have already agreed to pay the fines as they violate the SEC orders on recordkeeping under federal security law. The aforementioned firms violated either one or both of the following acts : The Securities Act and the Investment Advisers Act.<\/p>\n","protected":false},"excerpt":{"rendered":"

Do you have a cool Gen-Z\/X boss that just hates email? Well the SEC might…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[47,46,48,42,44,45,43],"_links":{"self":[{"href":"https:\/\/financialrizz.com\/index.php\/wp-json\/wp\/v2\/posts\/40"}],"collection":[{"href":"https:\/\/financialrizz.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financialrizz.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financialrizz.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/financialrizz.com\/index.php\/wp-json\/wp\/v2\/comments?post=40"}],"version-history":[{"count":1,"href":"https:\/\/financialrizz.com\/index.php\/wp-json\/wp\/v2\/posts\/40\/revisions"}],"predecessor-version":[{"id":41,"href":"https:\/\/financialrizz.com\/index.php\/wp-json\/wp\/v2\/posts\/40\/revisions\/41"}],"wp:attachment":[{"href":"https:\/\/financialrizz.com\/index.php\/wp-json\/wp\/v2\/media?parent=40"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financialrizz.com\/index.php\/wp-json\/wp\/v2\/categories?post=40"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financialrizz.com\/index.php\/wp-json\/wp\/v2\/tags?post=40"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}