Summary
Asset and wealth management firms face consequences for communication failures under SEC regulations, leading to fines totaling $63.1 million for twelve companies. The SEC, led by Gary Gensler, penalized firms for not maintaining electronic communications as required. Notable fines include $12 million for Blackstone, $11 million for Kohlberg Kravis Roberts, and $10 million for Charles Schwab. Investigations revealed unauthorized communication methods, with violations involving various staff levels. The firms acknowledged their misconduct, committed to improving compliance policies, and were ordered to cease further violations, alongside receiving censure from the SEC.