SEC Fines Wall Street Firms $111 Million for Using WhatsApp and Other Unapproved Messaging Apps

The SEC fined 8 Wall Street firms over $100 million for record-keeping lapses related to the use of WhatsApp and other unapproved messaging apps.
The fines total $111 million, with the largest going to Interactive Brokers ($91 million from SEC, $20 million from CFTC).
Other firms fined include Perella Weinberg, Fifth Third Securities, Nuveen Securities, DBRS Inc., Kroll Bond Rating Agency, Robert W. Baird & Co., and William Blair & Co.
The fines are part of the SEC's crackdown on use of personal messaging apps for business, resulting in over $2 billion in fines so far.
Firms violated rules requiring recording of all business communications by failing to preserve messages on unapproved apps.

The SEC fined 8 Wall Street firms over $100 million for record-keeping lapses related to the use of WhatsApp and other unapproved messaging apps.
The fines total $111 million, with the largest going to Interactive Brokers ($91 million from SEC, $20 million from CFTC).
Other firms fined include Perella Weinberg, Fifth Third Securities, Nuveen Securities, DBRS Inc., Kroll Bond Rating Agency, Robert W. Baird & Co., and William Blair & Co.
The fines are part of the SEC's crackdown on use of personal messaging apps for business, resulting in over $2 billion in fines so far.
Firms violated rules requiring recording of all business communications by failing to preserve messages on unapproved apps.