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The SEC announced $1.1b in fines and the CFTC disclosed $710m in penalties in separate statements Tuesday. Those levies -- against firms including Bank of America, Citigroup and Goldman Sachs -- combined with JPMorgan’s $200m in fines from December, bring the total to $2.01b, making them the biggest penalties ever against US banks for record-keeping lapses.
“Finance, ultimately, depends on trust. By failing to honor their record-keeping and books-and-records obligations, the market participants we have charged today have failed to maintain that trust,” SEC Chair Gary Gensler said in the agency’s statement. “As technology changes, it’s even more important that registrants appropriately conduct their communications about business matters within only official channels, and they must maintain and preserve those communications.”
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