TECH - SEC Collects Thousands Of Messages In Wall Street Messaging App Investigation | Benzinga
The U.S. Securities and Exchange Commission, or SEC, has reportedly collected thousands of messages from a broad range of high-profile investment firms. This is part of an escalating investigation into Wall Street’s usage of private messaging applications.
What Happened: The SEC has been gathering messages from staff at over a dozen leading investment firms, reported Reuters, citing four people with direct knowledge of the matter.
Initially, the SEC had asked these firms to internally review messages to investigate the employment of unapproved messaging apps like WhatsApp-owned by Meta Platforms Inc. (NASDAQ:META) and Signal for business communication.
This part of the crackdown, which has been ongoing for two years, initially focused on broker-dealers and resulted in more than $2 billion in fines. The latest intensification of the investigation encompasses an analysis of thousands of staff messages, thus raising the stakes for the companies and executives involved.
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The SEC’s current request for messages on personal devices or apps used for business discussion during ...