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US SEC Fines 16 Firms $81mn for Messaging Violations

US SEC Fines 16 Firms $81mn for Messaging Violations

by Starling Insights

Starling Insights Editorial Board

Feb 19, 2024


Earlier this month, the US Securities and Exchange Commission (SEC) announced $81 million in fines against 16 financial firms for employee use of unauthorized messaging apps. The penalized firms included Northwestern Mutual Investment Services (NMIS), US Bancorp, and Huntington Investment Company.

"Today's actions against these 16 firms result from our continuing efforts to ensure that all regulated entities comply with the recordkeeping requirements, which are essential to our ability to monitor and enforce compliance with the federal securities laws," said Gurbir S. Grewal, Director of the SEC's Division of Enforcement. “[O]ne of these orders is not like the others: Huntington's penalty reflects its voluntary self-report and cooperation.”

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