Make Sure To Delete That Incriminating Message About Deleting Potentially Incriminating Messages, Too
- Author:Jon Shazar
- Publish date:Sep 28, 2022
Oh, wait, too late.
There are non-nefarious reasons bankers and the like might choose to use a messaging service such as WhatsApp or Signal (well, probably not Signal) on a personal device. Specifically, they’re a lot quicker, more convenient and interactive than the sort of modes of communication officially sanctioned by their employers, and those employers’ regulators, such as e-mail.
Of course, there are also nefarious reasons, specifically that no one is looking at what you’re saying or doing on those devices. Allow one Bank of America trader explain:
"We use WhatsApp all the time but we delete convos regularly."
Which, if you were wondering, is the sort of convo you should be deleting regularly, because if you don’t and the SEC and CFTC find it, it sort of blows the whole game away. As it has done.
U.S. regulators on Tuesday fined 16 financial firms, including Barclays, Bank of America, Citigroup, Credit Suisse, Goldman Sachs, Morgan Stanley and UBS, a combined $1.8 billion after staff discussed deals and trades on their personal devices and apps….
The head of a trading desk routinely directed traders to delete messages on personal devices and to use Signal, including during the CFTC's probe.
In another example, a Nomura trader deleted messages, which included incriminating statements about trading, after the CFTC sent a request to preserve documents, her office said.
U.S. fines 16 Wall Street firms $1.8 billion for talking deals, trades on personal apps [Reuters via Yahoo!]
Wall Street to Pay $1.8 Billion in Fines Over Traders’ Use of Banned Messaging Apps [WSJ]
For more of the latest in litigation, regulation, deals and financial services trends, sign up for Finance Docket, a partnership between Breaking Media publications Above the Law and Dealbreaker.
Tagsterms:SECWhatsappUBSBank of AmericaCFTCGoldman SachsCantor FitzgeraldCitigroupSignalBarclaysBanksRecord-keepingNomuraMorgan StanleyCredit SuisseMessagingFailing to keep track of the untrackable is proving very expensive for banks.
BanksJamie Dimon Is A Pretty Permissive Babysitter, It Turns OutHe really let the kids run wild on their devices without even a glance.
Hedge FundsProsecutors Pretty Sure You Can’t Lose Your Banks $10 Billion LegallyWhich is bad news for Bill Hwang and the Archegos crew.
BanksBanks Seem Willing To Accept No Money In Exchange For Pretending Archegos Doesn’t Exist, Never HappenedAllianz also accepts that discretion is the better part of valor.
BanksWhat Happens On WhatsApp, Stays On WhatsApp (Unless You Delete It, Which You Should)Keeping traders one step ahead of the law (and, like, 50 ahead of compliance).
BanksWhat Credit Suisse Lacks In Money Lost On Archegos It Makes Up For In Ominous Requests For InformationThe Justice Department and Prudential Regulation Authority have some questions.
BanksPensions Accuse Morgan Stanley, Goldman Sachs Et Al Of Being Just A Little Too Tight With Each OtherEither the stock lending industry is truly a morass of collusion or some lawyers had too much time on their hands.
BanksSaudi Aramco **Is** Worth $2 Trillion (In Saudi Arabia)Thanks for nothing, Wall Street.
© 2022 Breaking Media Inc.Introducing Jobbguru: Your Gateway to Career Success
The ultimate job platform is designed to connect job seekers with their dream career opportunities. Whether you're a recent graduate, a seasoned professional, or someone seeking a career change, Jobbguru provides you with the tools and resources to navigate the job market with ease.
Take the next step in your career with Jobbguru:
Don't let the perfect job opportunity pass you by. Join Jobbguru today and unlock a world of career possibilities. Start your journey towards professional success and discover your dream job with Jobbguru.
Originally posted on: https://dealbreaker.com/2022/09/make-sure-to-delete-that-incriminating-message-about-deleting-potentially-incriminating-messages-too