SEC acts against 11 firms neglecting electronic communications

<img width="562" height="339" src="https://www.leaprate.com/wp-content/uploads/2020/06/SEC-penalty.jpg.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="SEC acts against 11 firms neglecting electronic communications" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2020/06/SEC-penalty.jpg.jpg 730w, https://www.leaprate.com/wp-content/uploads/2020/06/SEC-penalty.jpg-230×138.jpg 230w, https://www.leaprate.com/wp-content/uploads/2020/06/SEC-penalty.jpg-380×228.jpg 380w, https://www.leaprate.com/wp-content/uploads/2020/06/SEC-penalty.jpg-88×53.jpg 88w, https://www.leaprate.com/wp-content/uploads/2020/06/SEC-penalty.jpg-245×148.jpg 245w, https://www.leaprate.com/wp-content/uploads/2020/06/SEC-penalty.jpg-500×301.jpg 500w" sizes="(max-width: 562px) 100vw, 562px" /><p>In acknowledging the oversights, these firms forked out a combined $289m to pay their respective penalties as per the outline below.</p>
<ul>
<li>$125m penalty payable by Wells Fargo Securities LLC, together with Wells Fargo Clearing Services LLC and Wells Fargo Financial Network LLC.</li>
<li>BNP Paribas Securities Corp. and SG Americas Securities LLC each paying penalties of $35m.</li>
<li>BMO Capital Markets Corp. and Mizuho Securities USA LLC each paying penalties of $25m.</li>
<li>Houlihan Lokey Capital, Inc. received a $15 million penalty.</li>
<li>Moelis &amp; Company LLC and Wedbush Securities Inc. each paying penalties of $10m.</li>
<li>SMBC Nikko Securities America, Inc. received a $9m penalty.</li>
</ul>
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<div><img aria-describedby="caption-attachment-450151" decoding="async" class="wp-image-450151" src="https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-SEC-takes-4956308961-700×926.jpeg" alt="" width="98" height="130" srcset="https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-SEC-takes-4956308961-700×926.jpeg 700w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-SEC-takes-4956308961-250×331.jpeg 250w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-SEC-takes-4956308961-768×1016.jpeg 768w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-SEC-takes-4956308961-120×159.jpeg 120w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-SEC-takes-4956308961-245×324.jpeg 245w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-SEC-takes-4956308961-378×500.jpeg 378w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-SEC-takes-4956308961.jpeg 988w" sizes="(max-width: 98px) 100vw, 98px" /><p>Gurbir S. Grewal Source: SEC</p></div>
<p>Director of the <a href="https://www.leaprate.com/cryptocurrency/exchange/binance-claims-sec-charges-are-aimed-at-making-headlines-limited-in-reach/" target="_blank" rel="noopener">SEC Division of Enforcement</a>, Gurbir S. Grewal, pointed out that firms should first get their houses in order through self-reporting, cooperating, and remediating than wait and see what happens when they come under SEC’s radar. Grewal stated:</p>
<blockquote><p>Compliance with the books and records requirements of the federal securities laws is essential to investor protection and well-functioning markets. To date, the Commission has brought 30 enforcement actions and ordered over $1.5bn in penalties to drive this foundational message home. And while some broker-dealers and investment advisers have heeded this message, self-reported violations, or improved internal policies and procedures, today’s actions remind us that many still have not.</p></blockquote>
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