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US Pries Into Over 100 Trader and Banker Phones in Texting Probe

May 18, 2022, 11:00 AM

The US is forcing Wall Street banks to embark on a systematic search through more than 100 personal mobile phones carried by top traders and dealmakers in the largest-ever probe into clandestine messaging on platforms such as WhatsApp.

The Securities and Exchange Commission has been sending firms lists of key positions -- in some cases pointing to around 30 people including heads of certain investment banking teams or trading desks -- that are subject to the review, according to people with direct knowledge of the requests. Personnel in those roles are being ordered to hand over phones so devices can ...