Defendant Name:
BMO Capital Markets Corporation
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Bank of Montreal
SIC Code:
6021
CUSIP:
06367110
Document Reference:
34-98080
Document Details
Legal Case Name
In the Matter of BMO Capital Markets Corp.
Document Name
Order Instituting Administrative And Cease-and-Desist Proceedings, Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date
08-Aug-2023
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
On August 8, 2023, the SEC instituted settled administrative and cease-and-desist proceedings against BMO Capital Markets Corp., stating: "These proceedings arise out of the widespread and longstanding failure of CMC employees throughout CMC, including at senior levels, to adhere to certain of these essential requirements and CMC's own policies. Using their personal devices, these employees communicated both internally and externally by personal text messages, or other text messaging platforms such as WhatsApp ("off-channel communications")."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Compliance Related Independent Consultant
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$25,000,000.00
Shared:
