Twelve firms agreed to pay multi-million dollar fines handed down by
The Securities and Exchange Commission has mainly resulting from record-keeping failures.
A combined $63.1 million in fines were handed – nine investment advisors and three broker-dealers - to settle charges resulting from firms failing to main and preserve electronic communications.Â
The SEC investigations found use of off-channel communication methods in each of the cases and the failures to ensure compliance involved personnel of all levels of authority including supervisors’ senior managers.
My readers can check the SEC's website if they want to keep up to date on critical issues that the SEC is focusing on.
One of the firms self-reported to the SEC and received a penalty of several hundred thousand dollars rather than the far larger fines paid by the others.
Here's the list of firms fined in the lastest from the SEC regarding poor oversight:
Blackstone Alternative Credit Advisors LP, together with Blackstone Management Partners L.L.C. and Blackstone Real Estate Advisors L.P., agreed to pay a combined $12 million penalty;
Kohlberg Kravis Roberts & Co. L.P. agreed to pay a $11 million penalty;
Charles Schwab & Co., Inc. agreed to pay a $10 million penalty;
Apollo Capital Management L.P. agreed to pay a $8.5 million penalty;
Carlyle Investment Management L.L.C., together with Carlyle Global Credit Investment Management L.L.C., and AlpInvest Partners B.V., agreed to pay a combined $8.5 million penalty;
TPG Capital Advisors LLC agreed to pay an $8.5 million penalty;
Santander US Capital Markets LLC agreed to pay a $4 million penalty;
PJT Partners LP, which self-reported, agreed to pay a $600,000 penalty.
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