(Reuters) – Another swathe of broker-dealer and investment advisers have agreed to pay over $470 million to U.S. regulators to settle civil charges they violated recordkeeping rules, the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission said in statements on Wednesday.
Toronto-Dominion Bank’s TD Securities, BNY Mellon and Truist were among the among the Wall Street firms that settled charges they violated regulators’ rules requiring broker-dealers and investment advisers to maintain records of work-related communications, the SEC and CFTC said.
The penalties mark the latest wave of a sweeping multi-year enforcement initiative targeting Wall Street’s use of so-called “off channel” work communications such as text and WhatsApp messages in breach of rules which require firms to retain certain work-related communications.
Below is a full list of the firms and the penalties they agreed to pay.
Ameriprise Financial Services, LLC: $50 million penalty to the SEC
Edward D. Jones & Co., L.P.: $50 million penalty to the SEC
LPL Financial LLC: $50 million penalty to the SEC
Raymond James & Associates, Inc.: $50 million penalty to the SEC
RBC Capital Markets, LLC: $45 million penalty to the SEC
BNY Mellon Securities Corporation, Pershing LLC: $40 million penalty to the
SEC
TD Securities (USA) LLC, TD Private Client Wealth LLC and Epoch Investment
Partners, Inc: $30 million penalty to the SEC, $75 million to the CFTC
Osaic Services, Inc., Osaic Wealth, Inc.: $18 million penalty to the SEC
Cowen and Company, LLC, Cowen Investment Management LLC: $16.5 million penalty
to the SEC, $3 million to the CFTC
Piper Sandler & Co.: $14 million penalty to the SEC
First Trust Portfolios L.P.: $8 million penalty to the SEC
Apex Clearing Corporation: $6 million penalty to the SEC
Truist Securities, Inc., Truist Investment Services, Inc. and Truist Advisory
Services, Inc: $5.5 million penalty to the SEC, $3 million to CFTC
Cetera Advisor Networks LLC, Cetera Investment Services LLC: $4.5 million
penalty to the SEC
Great Point Capital, LLC: $2 million penalty to the SEC
Hilltop Securities Inc.: to pay a $1.6 million penalty to the SEC
P. Schoenfeld Asset Management LP: $1.25 million penalty to the SEC
Haitong International Securities (USA) Inc.: $400,000 penalty to the SEC
(Reporting by Chris Prentice and Douglas Gillison; Editing by Josie Kao)