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ARTICLE · 22 JUNE 2023

Don't Text And Trade: Regulators Crack Down On The Use Of Improper Communication Channels

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
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Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

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Registered reps beware: your personal device or messaging account is not the right place to conduct your business affairs, and regulators have made clear that they will not look the other way.

United StatesFinance and Banking
Pete S. Michaels
Pete S. Michaels
Alyssa C. Scruggs
Alyssa C. Scruggs
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Registered reps beware: your personal device or messaging account is not the right place to conduct your business affairs, and regulators have made clear that they will not look the other way. In particular, the Financial Industry Regulatory Authority ("FINRA") and member firms are cracking down on improper communication recordkeeping practices and the use of non-firm applications, including text messages, to communicate with clients.

On June 1, 2023, FINRA imposed a 15-month suspension and $15,000 fine on Delaina Kucish, a former Edward D. Jones & Co., L.P. ("Edward Jones") broker for the use of text messages on a personal cell phone to transmit client documents to another individual at the firm. See Letter of Acceptance, Waiver, and Consent ("AWC"). The investigation was initiated after Edward Jones self-reported the conduct to FINRA.

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