CIBC, Invesco, Stifel Pay Millions to Settle WhatsApp Probes

September 24, 2024 08:42 AM PDT | By EODHD

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CIBC, Invesco, Stifel Pay Millions to Settle WhatsApp Probes — Image source: Kalkine Media

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(Bloomberg) -- US regulators levied more than $118 million in penalties against several financial firms for failing to keep employees’ electronic communications, the latest fallout from the so-called WhatsApp investigations. Most Read from Bloomberg Unlocking the Hidden Power of Zoning, for Good or Bad Eric Adams' Vanishing Promise to Fix NYC's 'Unfair' Property Taxes Waiting for the Miracle of Church-to-Housing Development Belfast’s Grand Central Station Creates New Era for Northern Ireland’s Public Transport The largest penalty, totaling $42 million, was paid by Canadian Imperial Bank of Commerce and two of its affiliates, according to statements by the Securities and Exchange Commission and the Commodity Futures Trading Commission. Stifel, Nicolaus & Co. agreed to pay $35 million to the SEC, as did Invesco Distributors and Invesco Advisers. The firms admitted the facts and have begun making internal changes, according to both the SEC and CFTC.

“Today’s enforcement actions reflect the range of remedies that parties may face for violating the recordkeeping requirements of the federal securities laws,” Gurbir Grewal, director of the SEC’s enforcement division, said in a statement Tuesday. “Widespread and longstanding failures, including where those failures potentially hinder the Commission’s investor protection function by compromising a firm’s response to SEC subpoenas, may result in robust civil penalties.” Financial firms are required to monitor and save communications involving their business to head off improper conduct. Tuesday’s penalties add to the more than $2.5 billion that big banks previously agreed to pay the SEC and the CFTC to settle similar investigations into use of text messages on personal phones and WhatsApp. “We respect the decisions of the SEC and CFTC on these matters,” a spokesperson for the bank said in a statement. “Throughout this process, CIBC offered its full cooperation to both regulators and took immediate steps to implement remedies internally.” Lawyers for Stifel and Invesco didn’t immediately respond to messages seeking comment.

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