SEC Collects Thousands Of Messages In Wall Street Messaging App Investigation
Portfolio Pulse from Benzinga Neuro
The U.S. Securities and Exchange Commission (SEC) has collected thousands of messages from staff at over a dozen leading investment firms as part of an investigation into the use of private messaging apps for business communication. The investigation, which has been ongoing for two years, initially focused on broker-dealers and resulted in more than $2 billion in fines. The latest phase of the investigation includes firms like Carlyle Group, Apollo Global Management, KKR & Co, TPG, Blackstone, and Citadel. The SEC's increased scrutiny comes after JPMorgan Chase failed to provide certain documents in 2018 during an unrelated investigation.

September 26, 2023 | 8:16 am
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NEGATIVE IMPACT
Apollo Global Management is under investigation by the SEC for the use of private messaging apps for business communication.
The SEC investigation into the use of private messaging apps for business communication could potentially lead to fines and reputational damage for Apollo Global Management.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Blackstone is under investigation by the SEC for the use of private messaging apps for business communication.
The SEC investigation into the use of private messaging apps for business communication could potentially lead to fines and reputational damage for Blackstone.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Carlyle Group is under investigation by the SEC for the use of private messaging apps for business communication.
The SEC investigation into the use of private messaging apps for business communication could potentially lead to fines and reputational damage for Carlyle Group.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
JPMorgan Chase's failure to provide certain documents in 2018 during an unrelated investigation has led the SEC to widen its investigation into other broker-dealers’ communications.
The SEC's widened investigation, triggered by JPMorgan Chase's failure to provide certain documents, could potentially lead to further scrutiny and reputational damage for the bank.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
KKR & Co is under investigation by the SEC for the use of private messaging apps for business communication.
The SEC investigation into the use of private messaging apps for business communication could potentially lead to fines and reputational damage for KKR & Co.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Meta Platforms Inc., the owner of WhatsApp, could face scrutiny as the SEC investigates the use of private messaging apps for business communication.
As the owner of WhatsApp, one of the apps being investigated by the SEC for business communication, Meta Platforms could face potential regulatory scrutiny and reputational damage.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
TPG is under investigation by the SEC for the use of private messaging apps for business communication.
The SEC investigation into the use of private messaging apps for business communication could potentially lead to fines and reputational damage for TPG.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80