The US Securities and Exchange Commission Charges 11 Brokers and Investment Firms

Violation of Privacy and Use of Communication Applications

The US Securities and Exchange Commission charged 11 brokers and investment firms, including well-known institutions such as Wells Fargo, BNP Paribia and Bank of Montreal, in non-compliance with the privacy of emails and use of applications such as WhatsApp and iMessages. In communicating with each other and with customers for business purposes.

Companies Agree to Pay $289 Million in Fines

The companies said their behavior violated the record-keeping provisions of SEC rules and agreed to pay an aggregate fine of $289 million.

SEC Takes Strict Actions and Imposes Hefty Fines

It is worth noting that since the beginning of the year, the Securities Commission has taken 30 such measures and imposed fines in the amount of more than $1.5 billion.