SEC Hits Record Fine in Sweep of Firms

SEC Fines 16 Firms $81 Million for Violating Recordkeeping Requirements

The Securities and Exchange Commission (SEC) has fined 16 different firms a total of $81 million for widespread violations of recordkeeping requirements. The violations involved the use of text messages and other off-channel communications to conduct business. These firms, which include broker-dealers and investment advisers, have admitted to breaking federal securities law and have agreed to settle the claims by paying civil penalties and implementing compliance protocol overhauls.