A New York-based Dentons team defended Cantor Fitzgerald & Co. in connection with a year-long industry “sweep” of Wall Street financial services firms conducted by the Securities and Exchange Commission and the Commodity Futures Trading Commission. The agencies investigated “off-channel” electronic business communications by employees on personal devices not captured by their firms’ communications platform. Eleven firms, including Cantor, settled to recordkeeping charges, agreeing to pay a total of $1.8 billion in penalties. Because of our strategy and advocacy throughout the investigation, Cantor’s penalties were only a fraction of those assessed against each of the other firms. Numerous publications covered the settlement, including the Wall Street Journal, the New York Times, and Law360.

The matter was handled by Litigation/White Collar and Government Investigations partner David Kornblau, one of the nation’s leading securities enforcement practitioners who previously served as Chief Litigation Counsel for the SEC Division of Enforcement. David worked closely with managing associate Elizabeth Kaminski to achieve this outstanding result for the client.

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