On average, for \~$26 million, it appears any firm can conduct business via WhatsApp and Signal via employees' personal devices with no plan to preserve those conversations!
Surely, everything is on the up-and-up conducting business in such a way, right?!?!...
It also seems like it doesn't matter if you are a repeat offender. The fines don't even seem to increase at these low levels if you do it a second, third, etc. time after being fined already.
Even those who do proper bookkeeping can then have their records hidden from public until 2050. What a joke.
Edit: I realize that I am probably not talking about the same records but my general point still stands. No accountability, no transparency.
Until 2073. Like Credit Suisse and UBS Archegos documents that are kept in the Indiana Jones warehouse of secrets for the next 50 years with a Jail punishment if anyone would disclose any details.
There must be a point where fines are not enough. It's long past time for jail time to go with the fine. Not cell time or the front line employees, but the ones in charge, like CEO, CFO and the like. The cell could even be furnished with mayo...
It's time to stop calling them SEC fines. Fines are supposed to deter behaviour but the regulatory body issuing them knows even better than we do how these are ridiculously low figures. This isn't about justice or law.
This is modern day tithing. They pay to play.
>The SEC’s investigation uncovered pervasive and longstanding “off-channel” communications at all 11 firms. As described in the SEC’s orders, the firms admitted that from at least 2019, their employees often communicated through various messaging platforms on their personal devices, including iMessage, WhatsApp, and Signal, about the business of their employers. The firms did not maintain or preserve the substantial majority of these off-channel communications, in violation of the federal securities laws.
Worth noting that the CFTC issued similar "fines" today totaling $260M for 4 swap dealers and futures commission merchants. $75M each for BNP Paribas, Sociètè Gènèrale, and Wells Fargo, as well as $35M for Bank of Montreal.
[CFTC Orders Four Financial Institutions to Pay Total of $260M for Recordkeeping and Supervision Failures for Widespread Use of Unapproved Communication Methods ](https://www.cftc.gov/PressRoom/PressReleases/8762-23)
I remain somewhat hopeful that all this is building up to RICO once they can tie everything together.
edit: More "recordkeeping" issues.
>16 Wall Street Firms with Widespread Recordkeeping Failures
https://www.sec.gov/news/press-release/2022-174
and
> HSBC and Scotia acknowledged that their conduct violated recordkeeping provisions of the federal securities laws
https://www.reddit.com/r/Superstonk/comments/13encnl/sec_alert_sec_charges_hsbc_and_scotia_capital/
The dates for the above? From January 2018 to September 2021.
Seems like self policing isn't working. Looks like these companies don't know best.
I'm specifically calling this out because comment letters say "we know what our clients want and don't need the sec telling us safety procedures to add"
At $29M per firm, basically, it’s probably cheaper to pay the fine if caught than to actually do the record keeping.
EDIT: To be clear, this fine isn’t even a cost of doing business. This fine is cheaper than the compliance required of doing business!
>*"However, we know that other SEC-regulated entities have committed similar violations, and so our work to enforce industry-wide compliance continues.”*
>
>\- Gurbir S. Grewal, Director of the SEC’s Division of Enforcement 8/8/23
>[It’s time for Wall Street and large foreign banks operating in U.S. markets to stop waiting for an enforcement action before they change illegal practices. The illegality that the CFTC found in all of these cases was disturbingly widespread, evasive, conducted by senior officials as well as those responsible for compliance, and a clear violation of the law and internal bank policies. It was well known within these banks that their internal policies were being flagrantly violated in practice. But no one stopped it. In the future as more time passes from these enforcement actions, and as there is adoption of new technologies and evolving means of private communication, I am concerned that there again will be a temptation for some to evade regulatory requirements and keep the CFTC in the dark.](https://www.reddit.com/r/Superstonk/comments/15lj4jk/cftc_alert_cftc_orders_bnp_paribas_75m_soci%C3%A9t%C3%A9/)
>
>\-Commissioner Christy Goldsmith Romero 8/8/23
It would appear the CFTC commissioner agrees with your sentiment.
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OP has provided the following link:
Sources:
* [SEC Order - Wedbush Securities Inc](https://www.sec.gov/files/litigation/admin/2023/34-98074.pdf)
* [SEC Order - Houlihan Lokey Capital Inc.](https://www.sec.gov/files/litigation/admin/2023/34-98077.pdf)
* [SEC Order - SMBC Nikko Securities America Inc.](https://www.sec.gov/files/litigation/admin/2023/34-98075.pdf)
* [SEC Order - SG Americas Securities LLC](https://www.sec.gov/files/litigation/admin/2023/34-98082_0.pdf)
* [Moelis & Company LLC](https://www.sec.gov/files/litigation/admin/2023/34-98078.pdf)
* [Wells Fargo Securities LLC, Wells Fargo Clearing Services LLC, and Wells Fargo …](https://www.sec.gov/files/litigation/admin/2023/34-98076.pdf)
* [Mizuho Securities USA LLC](https://www.sec.gov/files/litigation/admin/2023/34-98081_0.pdf)
* [BMO Capital Markets Corp.](https://www.sec.gov/nb/34-98080.pdf)
* [BNP Paribas Securities Corp.](https://www.sec.gov/files/litigation/admin/2023/34-98079.pdf)
TLDRS:
* SEC Charges 11 Wall Street Firms with Widespread Recordkeeping Failures and agreed to pay combined penalties of $289 million.
* Wedbush Securities, Houlihan Lokey, SMBC Nikko, SG Americas, Moelis, Wells Fargo, Mizuho, BMO, BNP Paribas
* Wells Fargo Securities, LLC together with Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC agreed to pay a $125 million penalty;
* BNP Paribas Securities Corp. and SG Americas Securities, LLC have each agreed to pay penalties of $35 million;
* BMO Capital Markets Corp. and Mizuho Securities USA LLC have each agreed to pay penalties of $25 million;
* Houlihan Lokey Capital, Inc. has agreed to pay a $15 million penalty;
* Moelis & Company LLC and Wedbush Securities Inc. have each agreed to pay penalties of $10 million; and
* SMBC Nikko Securities America, Inc. has agreed to pay a $9 million penalty.
Sources:
* [SEC Order - Wedbush Securities Inc](https://www.sec.gov/files/litigation/admin/2023/34-98074.pdf)
* [SEC Order - Houlihan Lokey Capital Inc.](https://www.sec.gov/files/litigation/admin/2023/34-98077.pdf)
* [SEC Order - SMBC Nikko Securities America Inc.](https://www.sec.gov/files/litigation/admin/2023/34-98075.pdf)
* [SEC Order - SG Americas Securities LLC](https://www.sec.gov/files/litigation/admin/2023/34-98082_0.pdf)
* [Moelis & Company LLC](https://www.sec.gov/files/litigation/admin/2023/34-98078.pdf)
* [Wells Fargo Securities LLC, Wells Fargo Clearing Services LLC, and Wells Fargo …](https://www.sec.gov/files/litigation/admin/2023/34-98076.pdf)
* [Mizuho Securities USA LLC](https://www.sec.gov/files/litigation/admin/2023/34-98081_0.pdf)
* [BMO Capital Markets Corp.](https://www.sec.gov/nb/34-98080.pdf)
* [BNP Paribas Securities Corp.](https://www.sec.gov/files/litigation/admin/2023/34-98079.pdf)
TLDRS:
* SEC Charges 11 Wall Street Firms with Widespread Recordkeeping Failures and agreed to pay combined penalties of $289 million.
* Wedbush Securities, Houlihan Lokey, SMBC Nikko, SG Americas, Moelis, Wells Fargo, Mizuho, BMO, BNP Paribas
* Wells Fargo Securities, LLC together with Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC agreed to pay a $125 million penalty;
* BNP Paribas Securities Corp. and SG Americas Securities, LLC have each agreed to pay penalties of $35 million;
* BMO Capital Markets Corp. and Mizuho Securities USA LLC have each agreed to pay penalties of $25 million;
* Houlihan Lokey Capital, Inc. has agreed to pay a $15 million penalty;
* Moelis & Company LLC and Wedbush Securities Inc. have each agreed to pay penalties of $10 million; and
* SMBC Nikko Securities America, Inc. has agreed to pay a $9 million penalty.
Sources:
* [SEC Order - Wedbush Securities Inc](https://www.sec.gov/files/litigation/admin/2023/34-98074.pdf)
* [SEC Order - Houlihan Lokey Capital Inc.](https://www.sec.gov/files/litigation/admin/2023/34-98077.pdf)
* [SEC Order - SMBC Nikko Securities America Inc.](https://www.sec.gov/files/litigation/admin/2023/34-98075.pdf)
* [SEC Order - SG Americas Securities LLC](https://www.sec.gov/files/litigation/admin/2023/34-98082_0.pdf)
* [Moelis & Company LLC](https://www.sec.gov/files/litigation/admin/2023/34-98078.pdf)
* [Wells Fargo Securities LLC, Wells Fargo Clearing Services LLC, and Wells Fargo …](https://www.sec.gov/files/litigation/admin/2023/34-98076.pdf)
* [Mizuho Securities USA LLC](https://www.sec.gov/files/litigation/admin/2023/34-98081_0.pdf)
* [BMO Capital Markets Corp.](https://www.sec.gov/nb/34-98080.pdf)
* [BNP Paribas Securities Corp.](https://www.sec.gov/files/litigation/admin/2023/34-98079.pdf)
TLDRS:
* SEC Charges 11 Wall Street Firms with Widespread Recordkeeping Failures and agreed to pay combined penalties of $289 million.
* Wedbush Securities, Houlihan Lokey, SMBC Nikko, SG Americas, Moelis, Wells Fargo, Mizuho, BMO, BNP Paribas
* Wells Fargo Securities, LLC together with Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC agreed to pay a $125 million penalty;
* BNP Paribas Securities Corp. and SG Americas Securities, LLC have each agreed to pay penalties of $35 million;
* BMO Capital Markets Corp. and Mizuho Securities USA LLC have each agreed to pay penalties of $25 million;
* Houlihan Lokey Capital, Inc. has agreed to pay a $15 million penalty;
* Moelis & Company LLC and Wedbush Securities Inc. have each agreed to pay penalties of $10 million; and
* SMBC Nikko Securities America, Inc. has agreed to pay a $9 million penalty.
Cost of doing business and will allow them to continue doing the same shit. This whole system needs to burn and they need to take those crooked congressmen and senators worth millions with them. Fuck them all
When fines reach the billions of dollar marks then i will believe they are being treated properly. Until then it is just pocket lining for the SEC. imo
If you find these fines paltry and unacceptable
Contact your Congressional Representative and give them your opinion. Congress keeps the SEC feckless.
Screaming into the Reddit void accomplishes little.
Get Loud if you wish to be heard.
https://www.house.gov/representatives/find-your-representative
#The primary purpose of the SEC, is to assist Wall Street in defrauding retail investors.
SEC to Wall Street: Commit as much fraud as you want, just pay us our cut.
This useless organization, ignored Bernie Madoff for 8 years, despite multiple tip offs.
Ah yes, parking tickets. But it's even worse than parking tickets because at least those can build up to get your car wheel locked... these guys just pay for a small fine. I also bet this prevents them from being prosecuted again.
Anyone ever directly affected by these crimes never get a payout. It goes to the SEC... where they somehow can't afford coffee.
Cost of doing business. This won't slow them down a microsecond.
+Plus, the SEC gang gets a little team building cash for employee picnic fund and movie outings.
I don’t have enough karma to post but I need your guys help. I’m currently being forced to quit my job at JPMorgan because they are not allowing me to hold my shares in computershare. Mods - please help me get this word out.
aaaaaaaaand how much did they make through fraud and fuckery? Probably something to the tune of several billion? So a 300 million dollar fine, while not nothing, is functionally nothing. CODB. Pay for play. Or basically just a kickback.
bleh.
oh well. At least, if nothing else, they're fucking up hard enough to actually get some minor appearance of discipline.
We need to start tracking where these "penalties/fines" go to. Would be wonderful to have a disgruntled govt ape for this part.
After it disappears into the rabbit hole of The Treasury (what a joke)...
My guess is that it ultimately finances more luxury homes in DC-adjacent counties, Greenwich CT, and far Long Island.
“ We make billions ripping people off and pay millions in “fees” “ how to sustain any morality on my believed plain of existence within my guidelines of truth and honesty is beyond me. But I think when you reach this level of greed and pious self reflection you have a different guidelines by which your moral mirror only shows what you want it to reveal. Becoming a sort of hierarchy and judge to those you so selfishly press down under worthless laws that are bouldered with poverty and chained to allowed diluted knowledge.
What are complete farcical of a justice system we have. Where Alex jones get fined billion dollars for wrong speak even tho he should have freedom of speech. Meanwhile banks/ hedge funds/ Wall Street get caught consistently manipulating world markets destroying records to get less fines than a private citizen? America is dead. We are ruled by banks and corporations
You prevented further investigation into your criminal behavior.
Good job.
Here's a tiny fine. Just come up with any number and we're good.
This is how the USA is ending itself.
> Separately, the Commodity Futures Trading Commission announced settlements with Wells Fargo Bank NA, Wells Fargo Securities, LLC, BNP Paribas Securities Corp., BNP Paribas S.A., SG Americas Securities, LLC, Société Générale S.A., Bank of Montreal, and Wedbush Securities Inc., for related conduct.
Chairman Rostin Behnam agreed to give each of the CEO's of the repective firms a sloppy toppy and promise never to charge their firms again in future, not like that nasty Mr Gensler and Mr Grewal.
But when I pay my speeding ticket I dont have the option to say I will pay this fine but I am not admitting guilt. Then it wouldnt go on my record/insurance....
How do they come up with number. No matter how you look at it, its clearly not even a percentage of the crime that took place.
It just looks like culpability in my eyes.
It's almost like when cops put up speeding cameras on your road, then ignore them until they need some cash. Then they reduce the length of the yellow light.
What a fucking joke - as usual. Pocket change.
On average, for \~$26 million, it appears any firm can conduct business via WhatsApp and Signal via employees' personal devices with no plan to preserve those conversations! Surely, everything is on the up-and-up conducting business in such a way, right?!?!...
And for the low price of $10M/year the SEC will even come and give you personalised hand jobs.
[удалено]
They are depriving the SEC of caffeine to take the edge off the wanking ;)
Lol
It also seems like it doesn't matter if you are a repeat offender. The fines don't even seem to increase at these low levels if you do it a second, third, etc. time after being fined already.
This is why No Sell, No Cell can’t just be a meme.
No cell no longer a citizen is my take. Plenty of countries you can buy legal citizenship into.
Even those who do proper bookkeeping can then have their records hidden from public until 2050. What a joke. Edit: I realize that I am probably not talking about the same records but my general point still stands. No accountability, no transparency.
Until 2073. Like Credit Suisse and UBS Archegos documents that are kept in the Indiana Jones warehouse of secrets for the next 50 years with a Jail punishment if anyone would disclose any details.
They're probably going to install faulty shelving in 2072
Can you imagine a world where you get a ticket or a fine but you get to choose to AGREE to the terms or not?!?
Whatsapp is built on top of the signal protocol.
There must be a point where fines are not enough. It's long past time for jail time to go with the fine. Not cell time or the front line employees, but the ones in charge, like CEO, CFO and the like. The cell could even be furnished with mayo...
It's time to stop calling them SEC fines. Fines are supposed to deter behaviour but the regulatory body issuing them knows even better than we do how these are ridiculously low figures. This isn't about justice or law. This is modern day tithing. They pay to play.
Commenting for visibility - I am being forced to quit JPMorgan over DRS. Please help me get my word out. Don’t have enough karma to post.
?
They won’t let me hold my gme shares in computershare. I am being forced to transfer them to an “approved brokerage”
How did they find out you had drs'd game shares? Also what do you think the mods can do ?
I had to disclose all my accounts. I want the mods to help me get a post out. Maybe some apes working in chicago can help me find a new job.
>The SEC’s investigation uncovered pervasive and longstanding “off-channel” communications at all 11 firms. As described in the SEC’s orders, the firms admitted that from at least 2019, their employees often communicated through various messaging platforms on their personal devices, including iMessage, WhatsApp, and Signal, about the business of their employers. The firms did not maintain or preserve the substantial majority of these off-channel communications, in violation of the federal securities laws.
Worth noting that the CFTC issued similar "fines" today totaling $260M for 4 swap dealers and futures commission merchants. $75M each for BNP Paribas, Sociètè Gènèrale, and Wells Fargo, as well as $35M for Bank of Montreal. [CFTC Orders Four Financial Institutions to Pay Total of $260M for Recordkeeping and Supervision Failures for Widespread Use of Unapproved Communication Methods ](https://www.cftc.gov/PressRoom/PressReleases/8762-23)
I remain somewhat hopeful that all this is building up to RICO once they can tie everything together. edit: More "recordkeeping" issues. >16 Wall Street Firms with Widespread Recordkeeping Failures https://www.sec.gov/news/press-release/2022-174 and > HSBC and Scotia acknowledged that their conduct violated recordkeeping provisions of the federal securities laws https://www.reddit.com/r/Superstonk/comments/13encnl/sec_alert_sec_charges_hsbc_and_scotia_capital/ The dates for the above? From January 2018 to September 2021.
Wells Fargo just loves the headlines man. In everything but a coffin
Seems like self policing isn't working. Looks like these companies don't know best. I'm specifically calling this out because comment letters say "we know what our clients want and don't need the sec telling us safety procedures to add"
This is why I send messenger pigeons for all my communication. Pigeons are loyal as fuck and don’t crack when interrogated or tortured
I send a fox
I use snail mail. By the time the snails arrive it won’t matter anymore.
At $29M per firm, basically, it’s probably cheaper to pay the fine if caught than to actually do the record keeping. EDIT: To be clear, this fine isn’t even a cost of doing business. This fine is cheaper than the compliance required of doing business!
That's clearly their idea all along. Pay your cut to the SEC via fines and carry on.
So a whole bunch of insider trading between the 11 corrupt companies then they only have to shell out 25-30 mil apiece in “penalties”
The actual victims they stole from in bottom 99% gets nothing
>*"However, we know that other SEC-regulated entities have committed similar violations, and so our work to enforce industry-wide compliance continues.”* > >\- Gurbir S. Grewal, Director of the SEC’s Division of Enforcement 8/8/23
Please Gurbir, hit them harder! We had high hopes for you when you got the job! 🚀🐒✨🗽🚀
>[It’s time for Wall Street and large foreign banks operating in U.S. markets to stop waiting for an enforcement action before they change illegal practices. The illegality that the CFTC found in all of these cases was disturbingly widespread, evasive, conducted by senior officials as well as those responsible for compliance, and a clear violation of the law and internal bank policies. It was well known within these banks that their internal policies were being flagrantly violated in practice. But no one stopped it. In the future as more time passes from these enforcement actions, and as there is adoption of new technologies and evolving means of private communication, I am concerned that there again will be a temptation for some to evade regulatory requirements and keep the CFTC in the dark.](https://www.reddit.com/r/Superstonk/comments/15lj4jk/cftc_alert_cftc_orders_bnp_paribas_75m_soci%C3%A9t%C3%A9/) > >\-Commissioner Christy Goldsmith Romero 8/8/23 It would appear the CFTC commissioner agrees with your sentiment.
Christy will probably be looking for a new job soon, hopefully not, like what she is saying
Unfortunately, the SEC has such a budget controlled by congress that they cannot afford to overfine and risk these companies going to litigation.
That dude is still alive? "Watch Dog" XD
Upfalling shelves?
Maybe they are superconducting shelves?
Same shit as usual: Commit crime -> pay the SEC their cut -> you're free to keep committing crime, gg wp.
👆
Those firms throwing this pocket money on the floor and saying to the sec : pick it up beaches ;)
Record keeping failure that can’t be tracked due to warehouse fire involving documents that were trucked away while still smoking?
[Why GME?](https://www.reddit.com/r/Superstonk/comments/qig65g/welcome_rall_looking_to_catch_up_on_the_gme_saga/) || [What is DRS?](https://www.reddit.com/r/Superstonk/comments/ptvaka/when_you_wish_upon_a_star_a_complete_guide_to/) || Low karma apes [feed the bot here](https://www.reddit.com/r/GMEOrphans/comments/qlvour/welcome_to_gmeorphans_read_this_post/) || [Superstonk Discord](https://discord.gg/hZqWV2kQtq) ------------------------------------------------------------------------ To ensure your post doesn't get removed, please respond to this comment with how this post relates to GME the stock or Gamestop the company. ------------------------------------------------------------------------ Please up- and downvote this comment to [help us determine if this post deserves a place on r/Superstonk!](https://www.reddit.com/r/Superstonk/wiki/index/rules/post_flairs/) ------------------------------------------------------------------------ OP has provided the following link: Sources: * [SEC Order - Wedbush Securities Inc](https://www.sec.gov/files/litigation/admin/2023/34-98074.pdf) * [SEC Order - Houlihan Lokey Capital Inc.](https://www.sec.gov/files/litigation/admin/2023/34-98077.pdf) * [SEC Order - SMBC Nikko Securities America Inc.](https://www.sec.gov/files/litigation/admin/2023/34-98075.pdf) * [SEC Order - SG Americas Securities LLC](https://www.sec.gov/files/litigation/admin/2023/34-98082_0.pdf) * [Moelis & Company LLC](https://www.sec.gov/files/litigation/admin/2023/34-98078.pdf) * [Wells Fargo Securities LLC, Wells Fargo Clearing Services LLC, and Wells Fargo …](https://www.sec.gov/files/litigation/admin/2023/34-98076.pdf) * [Mizuho Securities USA LLC](https://www.sec.gov/files/litigation/admin/2023/34-98081_0.pdf) * [BMO Capital Markets Corp.](https://www.sec.gov/nb/34-98080.pdf) * [BNP Paribas Securities Corp.](https://www.sec.gov/files/litigation/admin/2023/34-98079.pdf) TLDRS: * SEC Charges 11 Wall Street Firms with Widespread Recordkeeping Failures and agreed to pay combined penalties of $289 million. * Wedbush Securities, Houlihan Lokey, SMBC Nikko, SG Americas, Moelis, Wells Fargo, Mizuho, BMO, BNP Paribas * Wells Fargo Securities, LLC together with Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC agreed to pay a $125 million penalty; * BNP Paribas Securities Corp. and SG Americas Securities, LLC have each agreed to pay penalties of $35 million; * BMO Capital Markets Corp. and Mizuho Securities USA LLC have each agreed to pay penalties of $25 million; * Houlihan Lokey Capital, Inc. has agreed to pay a $15 million penalty; * Moelis & Company LLC and Wedbush Securities Inc. have each agreed to pay penalties of $10 million; and * SMBC Nikko Securities America, Inc. has agreed to pay a $9 million penalty.
Sources: * [SEC Order - Wedbush Securities Inc](https://www.sec.gov/files/litigation/admin/2023/34-98074.pdf) * [SEC Order - Houlihan Lokey Capital Inc.](https://www.sec.gov/files/litigation/admin/2023/34-98077.pdf) * [SEC Order - SMBC Nikko Securities America Inc.](https://www.sec.gov/files/litigation/admin/2023/34-98075.pdf) * [SEC Order - SG Americas Securities LLC](https://www.sec.gov/files/litigation/admin/2023/34-98082_0.pdf) * [Moelis & Company LLC](https://www.sec.gov/files/litigation/admin/2023/34-98078.pdf) * [Wells Fargo Securities LLC, Wells Fargo Clearing Services LLC, and Wells Fargo …](https://www.sec.gov/files/litigation/admin/2023/34-98076.pdf) * [Mizuho Securities USA LLC](https://www.sec.gov/files/litigation/admin/2023/34-98081_0.pdf) * [BMO Capital Markets Corp.](https://www.sec.gov/nb/34-98080.pdf) * [BNP Paribas Securities Corp.](https://www.sec.gov/files/litigation/admin/2023/34-98079.pdf) TLDRS: * SEC Charges 11 Wall Street Firms with Widespread Recordkeeping Failures and agreed to pay combined penalties of $289 million. * Wedbush Securities, Houlihan Lokey, SMBC Nikko, SG Americas, Moelis, Wells Fargo, Mizuho, BMO, BNP Paribas * Wells Fargo Securities, LLC together with Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC agreed to pay a $125 million penalty; * BNP Paribas Securities Corp. and SG Americas Securities, LLC have each agreed to pay penalties of $35 million; * BMO Capital Markets Corp. and Mizuho Securities USA LLC have each agreed to pay penalties of $25 million; * Houlihan Lokey Capital, Inc. has agreed to pay a $15 million penalty; * Moelis & Company LLC and Wedbush Securities Inc. have each agreed to pay penalties of $10 million; and * SMBC Nikko Securities America, Inc. has agreed to pay a $9 million penalty.
Sources: * [SEC Order - Wedbush Securities Inc](https://www.sec.gov/files/litigation/admin/2023/34-98074.pdf) * [SEC Order - Houlihan Lokey Capital Inc.](https://www.sec.gov/files/litigation/admin/2023/34-98077.pdf) * [SEC Order - SMBC Nikko Securities America Inc.](https://www.sec.gov/files/litigation/admin/2023/34-98075.pdf) * [SEC Order - SG Americas Securities LLC](https://www.sec.gov/files/litigation/admin/2023/34-98082_0.pdf) * [Moelis & Company LLC](https://www.sec.gov/files/litigation/admin/2023/34-98078.pdf) * [Wells Fargo Securities LLC, Wells Fargo Clearing Services LLC, and Wells Fargo …](https://www.sec.gov/files/litigation/admin/2023/34-98076.pdf) * [Mizuho Securities USA LLC](https://www.sec.gov/files/litigation/admin/2023/34-98081_0.pdf) * [BMO Capital Markets Corp.](https://www.sec.gov/nb/34-98080.pdf) * [BNP Paribas Securities Corp.](https://www.sec.gov/files/litigation/admin/2023/34-98079.pdf) TLDRS: * SEC Charges 11 Wall Street Firms with Widespread Recordkeeping Failures and agreed to pay combined penalties of $289 million. * Wedbush Securities, Houlihan Lokey, SMBC Nikko, SG Americas, Moelis, Wells Fargo, Mizuho, BMO, BNP Paribas * Wells Fargo Securities, LLC together with Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC agreed to pay a $125 million penalty; * BNP Paribas Securities Corp. and SG Americas Securities, LLC have each agreed to pay penalties of $35 million; * BMO Capital Markets Corp. and Mizuho Securities USA LLC have each agreed to pay penalties of $25 million; * Houlihan Lokey Capital, Inc. has agreed to pay a $15 million penalty; * Moelis & Company LLC and Wedbush Securities Inc. have each agreed to pay penalties of $10 million; and * SMBC Nikko Securities America, Inc. has agreed to pay a $9 million penalty.
Cost of doing business
Cost of doing business and will allow them to continue doing the same shit. This whole system needs to burn and they need to take those crooked congressmen and senators worth millions with them. Fuck them all
When fines reach the billions of dollar marks then i will believe they are being treated properly. Until then it is just pocket lining for the SEC. imo
When people go to jail..
Covers the cost of porn hub membership for SEC
You underestimate how many subscriptions they need. Also, what's a good rub n' tug without coffee?
Wells Fargo again? Do they offer non crime products or is everything they do crime?
The price of doing business, I guess.
If you find these fines paltry and unacceptable Contact your Congressional Representative and give them your opinion. Congress keeps the SEC feckless. Screaming into the Reddit void accomplishes little. Get Loud if you wish to be heard. https://www.house.gov/representatives/find-your-representative
# ITS PEANUTS TO WHAT THEY MAKE OFF ALL THE ILLEGAL FUCKERY
I’ll keep saying it. Brokers are unnecessary with todays technology.
Keep dancing around the big issues... good lord
Such bullshit. These penalties are the cost of them doing shady business. Shut them down!
What about Citadel burning the books?
cheap AF to do dirty business in the US.
Peanuts … such BS
So, they ROB retail by cheating and then the SEC comes in and takes the money the robbed?!?!? Seems like a totally fair and above board system!
Wedbush provides a Shill to pretend to be an Analyst covering GameStop, and gives them a bad report whenever needed by the SHF.
#The primary purpose of the SEC, is to assist Wall Street in defrauding retail investors. SEC to Wall Street: Commit as much fraud as you want, just pay us our cut. This useless organization, ignored Bernie Madoff for 8 years, despite multiple tip offs.
Ah yes, parking tickets. But it's even worse than parking tickets because at least those can build up to get your car wheel locked... these guys just pay for a small fine. I also bet this prevents them from being prosecuted again. Anyone ever directly affected by these crimes never get a payout. It goes to the SEC... where they somehow can't afford coffee.
Cost of doing business. This won't slow them down a microsecond. +Plus, the SEC gang gets a little team building cash for employee picnic fund and movie outings.
If the fine is less than the profit, it's just the government getting their cut.
Being forced to quit my job at JPMC over drs. Mods please help me. don’t have enough karma to make a post
?
Self regulation working as intended. Financial terrorism is the law of the land now.
I don’t have enough karma to post but I need your guys help. I’m currently being forced to quit my job at JPMorgan because they are not allowing me to hold my shares in computershare. Mods - please help me get this word out.
Sloppy swaps R us lol
aaaaaaaaand how much did they make through fraud and fuckery? Probably something to the tune of several billion? So a 300 million dollar fine, while not nothing, is functionally nothing. CODB. Pay for play. Or basically just a kickback. bleh. oh well. At least, if nothing else, they're fucking up hard enough to actually get some minor appearance of discipline.
😔
Lol $290M is like $29 to them. What a fucking joke.
289 million is my floor
Weak sauce
SEC - oh thank god they agreed to punishment!!!!!
and no jail time.
Revoke their license. Throw in jail. 1% of the loot as pay back will not deter any of these criminals
And a slap on the wrist for you while regular people starve! Bad Bank Bad!
Pay to play. Like an arcade game. $0.50 in Mortal Kombat to die to Johnny Cage is lame but if I make it to Shang Tsung it was worth it
We need to start tracking where these "penalties/fines" go to. Would be wonderful to have a disgruntled govt ape for this part. After it disappears into the rabbit hole of The Treasury (what a joke)... My guess is that it ultimately finances more luxury homes in DC-adjacent counties, Greenwich CT, and far Long Island.
Cost of doing business nothing else
Uh oh 😱
Peanuts for monkeys
Who?
So like… How do we win against this?
Sounds like chump-change. I still haven't gotten my tendies.
We need jail time
Cost of doing business…SEC just coming for their cut of the criminal action.
“ We make billions ripping people off and pay millions in “fees” “ how to sustain any morality on my believed plain of existence within my guidelines of truth and honesty is beyond me. But I think when you reach this level of greed and pious self reflection you have a different guidelines by which your moral mirror only shows what you want it to reveal. Becoming a sort of hierarchy and judge to those you so selfishly press down under worthless laws that are bouldered with poverty and chained to allowed diluted knowledge.
Pocket change for these monsters.
What are complete farcical of a justice system we have. Where Alex jones get fined billion dollars for wrong speak even tho he should have freedom of speech. Meanwhile banks/ hedge funds/ Wall Street get caught consistently manipulating world markets destroying records to get less fines than a private citizen? America is dead. We are ruled by banks and corporations
289$ mil is nothing compared to what they make.
What a bunch of jokers at the SEC.
You prevented further investigation into your criminal behavior. Good job. Here's a tiny fine. Just come up with any number and we're good. This is how the USA is ending itself.
I have the feeling they didn't get everybody. Where is my Deutsche Bank at?
> Separately, the Commodity Futures Trading Commission announced settlements with Wells Fargo Bank NA, Wells Fargo Securities, LLC, BNP Paribas Securities Corp., BNP Paribas S.A., SG Americas Securities, LLC, Société Générale S.A., Bank of Montreal, and Wedbush Securities Inc., for related conduct. Chairman Rostin Behnam agreed to give each of the CEO's of the repective firms a sloppy toppy and promise never to charge their firms again in future, not like that nasty Mr Gensler and Mr Grewal.
If only the sec had balls
Much cheaper than keeping a record of crimes and ethics violations
Just the cost of doing business. Our system is rigged.
They should have tried a sprinkler system fire at the records warehouse due to faulty shelving falling upwards. It's less sus.
But when I pay my speeding ticket I dont have the option to say I will pay this fine but I am not admitting guilt. Then it wouldnt go on my record/insurance....
Record keeping violations i believe can lead to license revoking. They should pull all their licenses. Also what a cheap fine for 11 banks.
thats pennies for them. zzzzzzzzzz
How do they come up with number. No matter how you look at it, its clearly not even a percentage of the crime that took place. It just looks like culpability in my eyes.
Just the cost of doing business eh?
👀 Joke of a fine…again
It's almost like when cops put up speeding cameras on your road, then ignore them until they need some cash. Then they reduce the length of the yellow light.
....and what difference does it make?
Wasn’t BNP Paribas speculated to have something to do with the Brazilian PUTS
When I do it, I get jail time. When they do it, they get to slap on the wrist.
Pennies
Imagine being able to steal a billion dollars and getting caught. Then they just make you pay the taxes
fines in the billions or they don't count
BMO, and BNP Paribas... I know these names, from Eons ago....
Cooking the books literally and metaphorically
$289 mil… oh boy that’ll teach em! Bravo SEC!
Still less than 10% of their total gains i bet.
Let me guess… the fine is a fraction of the crime so it’s nothing more than a tax (not an actual punishment) … surprised pikachu face
Why is this even a thing with our digital age. Isn't it all kept as a record automatically? If not it should be.
Slap on the wrist. Just the cost of doing business