16 Firms fined $1.8 Billion by SEC

Firms were illegally using private apps to discuss taxes between themselves SEC rules require all communications be recorded The firms were aware of this but ignored the rules because there are no real consequences for them breaking the law They do not tell us the value of the transactions probably on the trillions of dollars

https://www.reuters.com/business/finance/us-fines-16-major-wall-street-firms-11-billion-over-recordkeeping-failures-2022-09-27/

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