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Eleven firms fined $711m for “evasive communications” practices

Photo: Adobe Stock Images

The CFTC has fined 11 Wall Street firms $711m for recordkeeping failures. Violations “well known” within firms.

The CFTC found “widespread and longstanding” use of unapproved communication methods including text, WhatsApp and Signal, for business-related matters both internally and externally and at all levels of seniority. Senior personnel violated the policies they had designed and were also meant to enforce internally.

The firms and affiliates are:

  • Bank