JEF - Jefferies expects to pay $80M penalty in employee communications probe
- Jefferies Financial Group ( NYSE: JEF ) expects to pay an $80M civil monetary penalty in connection with an industry-wide investigation of financial firms' recordkeeping regarding business communications through personal devices, it disclosed Monday after the close of trading.
- The company said the penalty will be made to the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission.
- Last month, Bloomberg reported that Bank of America ( BAC ) is expected to pay $200M in the probe into Wall Street's use of unapproved personal devices such as cell phones an tablets. In December, JPMorgan Chase ( JPM ) agreed to pay $200M to settle charges that it failed to maintain adequate records of employees' business communications.
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Jefferies expects to pay $80M penalty in employee communications probe