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August 08, 2023 at 09:14 AM
Wells Fargo & Co. and BNP Paribas SA will pay millions of dollars in penalties for employees using unofficial communications like WhatsApp to conduct business as the Securities and Exchange Commission deepens its crackdown on how Wall Street keeps records.
Wells Fargo units Wells Fargo Securities, Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network agreed to pay $125 million to settle the cases; and BNP will pay $35 million, the SEC said on Tuesday.
In all, 11 firms agreed to pay penalties of $289 million, including a Bank of Montreal unit and a Mizuho Financial Group securities arm, to Wall Street’s main regulator.
In a separate actions, the Commodity Futures Trading Commission announced settlements in similar cases with units of four lenders including Wells Fargo and Bank of Montreal worth an additional $260 million.
