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Firms fined $1.1bn for recordkeeping failures

Photo: Getty Images

Thomas Hyrkiel

1 min read
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15 Wall Street firms admitted to wrongdoing and agreed to pay penalties totalling more than $1.1bn for recordkeeping failures. Recordkeeping requirements described as ‘sacrosanct’ by the SEC.

The SEC found ‘pervasive off-channel communications’ between January 2018 and September 2021 by employees of a number of firms at varying levels of seniority that included junior and senior investment bankers as well as debt and equity traders.

The firms and affiliates are:

  • Barclays Capital Inc.
  • BofA Securities Inc. together with Merrill
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