SEC collects Wall Street's private messages
STORY: The SEC has collected thousands of staff messages
from over a dozen major investment companies
as its probe into Wall Street's use
of private messaging apps escalates
That's according to sources who
spoke on the condition of anonymity
Previously, the SEC had asked the companies to
internally review the messages in its investigations
In this latest phase, the SEC asked for messages
from the first half of 2021 that discuss business
on WhatsApp, Signal, and other messaging
apps not approved to discuss work
Using those apps to discuss business puts employers in
breach of rules to record all business communications
Private fund fees and expenses, conflicts of interest
and preferential treatment of investors
are issues the SEC is increasingly focusing on,
according to a lawyer at Goulston & Storrs