Recordkeeping fines and actions

A list of the institutions fined for recordkeeping failures involving at least some combination of texts, WhatsApp messages, and audio files, if not other communications formats, since the JPMorgan fine was reported in 2022.

Updated – 9 April, 2024

Fines

Total recorded$2,599,475,000

InstitutionFine ($)
Bank of America  100,000,000
Bank of America Securities  125,000,000
Bank of Montreal  35,000,000
Bank of Nova Scotia  15,000,000
Barclays  75,000,000
Barclays Capital Inc  125,000,000
BMO Capital Markets Corp  25,000,000
BNP Paribas  75,000,000
BNP Paribas Securities Corp  35,000,000
Cambridge Investment Research Inc. (together with Cambridge Investment Research Advisors Inc.)10,000,000
Cantor Fitzgerald  16,000,000
Ceros Financial Services75,000
Citi  75,000,000
Citigroup Financial Markets  125,000,000
Credit Suisse  75,000,000
Credit Suisse Securities USA  125,000,000
Dawson James Securities500,000
DBRS8,000,000
Deutsche Bank  75,000,000
Deutsche Bank Securities  125,000,000
Fifth Third Securities Inc.  8,000,000
Goldman Sachs  205,500,000
Guggenheim Securities LLC (together with Guggenheim Partners Investment Management LLC)15,000,000

H2C Securities250,000
Houlihan Lokey Capital  15,000,000
The Huntington Investment Company (HIC), together with Huntington Securities Inc. (HSI) and Capstone Capital Markets LLC1,250,000
HSBC  75,000,000*
HSBC Securities USA  15,000,000
Interactive Brokers Corp
Interactive Brokers LLC  
35,000,000
Jefferies  80,000,000
JonesTrading Institutional Services LLC100,000
Key Investment Services LLC (together with KeyBanc Capital Markets Inc.)10,000,000
Kroll Bond Rating Agency LLC4,000,000
Lincoln Financial Advisors Corporation, (together with Lincoln Financial Securities Corporation)8,500,000
Mizuho Securities USA LLC  25,000,000
Moelis & Company LLC  10,000,000
Morgan Stanley  206,800,000
Nomura  50,000,000
Nomura Securities International  50,000,000
Northwestern Mutual Investment Services LLC (together with Northwestern Mutual Investment Management Co. LLC (NMIM) and Mason Street Advisors LLC)16,500,000
Nuveen Securities LLC  8,500,000
Oppenheimer & Co. Inc.13,000,000
Perella Weinberg Partners LP
Tudor, Pickering, Holt & Co. Securities LLC
Perella Weinberg Partners Capital Management LP
2,500,000
Robert W. Baird & Co.  15,000,000
SG Americas Securities  35,000,000
SMBC Nikko Securities America  9,000,000
Scotia Capital USA  7,500,000
Société Générale  75,000,000
Senvest6,500,000
UBS  75,000,000
UBS Securities  125,000,000
US Bancorp Investments Inc.8,000,000
U.S. Bank6,000,000
Wedbush Securities  10,000,000
Wells Fargo  200,000,000
William Blair & Company LLC
William Blair Investment Management LLC
10,000,000

* Includes fines for related offences

Actions

Full list of actions involving recordkeeping brought by the SEC, CFTC and the UK’s Ofgem.

CFTC

DateAction
Sept 2022CFTC fines of $710m on 11 institutions
May 2023CFTC fine of $15m on Bank of Nova Scotia
May 2023CFTC fine of $30m on HSBC
May 2023CFTC fine of $45m on HSBC for offences including failures around mobile device recordkeeping
August 2023CFTC fines of $260m on four institutions
August 2023CFTC fines of $5.5m Goldman Sachs for failure to preserve audio recordings during pandemic
March 2024CFTC Orders U.S. Bank to Pay $6 Million and Oppenheimer to Pay $1 Million for Recordkeeping and Supervision Failures

Ofgem

DateAction
August 2023Ofgem fines of $6.8m on Morgan Stanley for comms recordkeeping failure

FINRA

DateAction
February 2024FINRA fines Ceros Financial Services
March 2024FINRA fines H2C Securities
April 2024FINRA fines Dawson James

SEC

DateAction
Sept 2020SEC fine of $100k on broker-dealer
Sept 2022SEC fines of $1.1 billon on 16 institutions
May 2023SEC fines of $22.5m against two firms
August 2023SEC fines of $289m on 11 institutions
September 2023SEC fines of $79m on 10 firms
September 2023SEC fines of $12m on two credit rating agencies
February 2024SEC fines of $81m on 16 firms
March 2024SEC fines Senvest $6.5m