Federal regulators on Tuesday announced that they are fining 10 investment firms $549 million in their latest crackdown on regulated financial companies that failed to maintain and preserve electronic communications.

The fines were levied by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission. According to the regulators, the firms admitted that from at least 2019 their employees often communicated through phone messaging platforms such as iMessage, WhatsApp and Signal about business matters, but failed to preserve the communications as required by law.

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