By Chris Prentice and Carolina Mandl NEW YORK (Reuters) - The U.S. securities regulator has collected thousands of staff messages from more than a ...
By Chris Prentice and Carolina Mandl NEW YORK - The U.S. securities regulator has collected thousands of staff messages from more than a dozen major investment companies, escalating itsGourmet Chicken Tenders: Recipe in Description | SaltWire #QuickRecipes #FoodShorts #CookingShortsNEW YORK - The U.S.
While Reuters and other media have reported that the SEC's"off-channel" communication probe has expanded to investment advisers, its move to review thousands of their staff messages has not previously been reported. It marks an escalation of the investigation and raises the stakes for the companies and the executives concerned by exposing their conduct to SEC scrutiny.
The firms include Carlyle Group, Apollo Global Management, KKR & Co, TPG, and Blackstone, according to three people with direct knowledge of the matter, as well as some hedge funds, including Citadel, said a different person with direct knowledge. "Now that they have all that data - it is very possible that the SEC will find compliance failures in there somewhere that have nothing to do with the off-channel communications record-keeping issues," said Jaclyn Grodin, a lawyer at Goulston & Storrs who is not involved in the investigation.
Suspecting that off-channel chat about deals, trades and other business was rife on Wall Street, the SEC in 2021 opened an inquiry into other broker-dealers' communications, said two sources. The misconduct proved so pervasive that the agency has been"shooting fish in a barrel," one said.
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