Big investment banks have already been collectively hit with about $2.5 billion in fines for poor record-keeping over employees’ use of texts to discuss business. But banks were allowed to mark their own homework, and the SEC reviewed only a sample of messages to keep them honest.
Gensler has taken a more invasive approach to private equity and hedge funds, reportedly including Apollo Global Management Inc., Carlyle Group Inc., Citadel and KKR & Co., even though money managers in general face less onerous record-keeping requirements than banks.
‘Enforcement 40’ for 2020
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