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Nuveen, William Blair among 10 new firms fined in WhatsApp probe

October 02, 20231 min read

Nuveen, William Blair among 10 new firms fined in WhatsApp probe

In the latest development of an ongoing probe into business communication, the SEC has brought down $79m in penalties for the unauthorized use of WhatsApp and text messaging.

The charges announced by the SEC on Friday involve five brokers, three dual registrants and two affiliated investment advisors, all of which admitted to the SEC’s findings. The SEC also touted the benefits of self-reporting, which led to a lesser penalty in one case. 

Perella Weinberg Partners, along with its affiliates Tudor, Pickering, Holt & Co. Securities and Perella Weinberg Partners Capital Management agreed to pay $2.5m in total. 

Other firms agreed to pay steeper fines. Per the SEC: Fifth Third Securities will pay $8m, Nuveen Securities will pay $8.5m, William Blair & Company and affiliate William Blair Investment Management will pay $10m, Robert W. Baird & Co will pay $15m and Interactive Brokers Corp. and affiliate Interactive Brokers LLC will pay $35m.

Only $1 for the first 60 days Qwil Messenger today and get your employees (and clients) on a true WhatsApp Alternative (which includes e-signature, video, secure file sharing...and of course chat). Want to execute trades and coordinate deals without worrying about the regulator or security? We have you covered

Laurent Guyot

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