The SEC “uncovered pervasive off-channel communications.” That means that many broker-dealers were communicating with each other either on their personal cell phones directly, or using personal email, or using messaging apps like Telegram or WhatsApp that are hard to detect.
According to the SEC, from January 2018 through September 2021, “the firms’ employees routinely communicated about business matters using text messaging applications on their personal devices. The firms did not maintain or preserve the substantial majority of these off-channel communications, in violation of the federal securities laws.”
Now, if they were using insider/congress critters, info for profit/gain or to avoid losses, that would be criminal.
However, if we make good friends along the way and have intelligent relatives. Discussing what has/is happening is life. That should not be criminal.
I had 2 SIL’s, a sibling and a couple of cousins, a couple of nieces/nephews and a direct DNA descendent and a few long time friends where economical discussions have been beneficial to all of us.
Career discussions with former MBA professors and former classmates enabled me to hit the road/Jack with a good early retirement on my own. Instead of be escorted out of a security gate, carrying a Kinko’s box with my personal office belongings and left on a curb with other former employees.
I often was a step ahead of the corporate coups/bloodletting due to discussions between consenting adults.
The younger generations call this networking, and they have it down pat as a personal survival skill.
The younger generations call this networking, and they have it down pat as a personal survival skill.