Wall Street Traders Are Being Ordered to Hand Over their Personal Phones for Examination by the Firm’s Lawyers: How Is This Legal?

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Wall Street Traders Are Being Ordered to Hand Over their Personal Phones for Examination by the Firm’s Lawyers: How Is This Legal?

By Pam Martens and Russ Martens: May 24, 2022 ~ Last Wednesday Bloomberg News reported, without citing a source, that the Securities and Exchange Commission was “forcing Wall Street banks to embark on a systematic search through more than 100 personal mobile phones carried by top traders and dealmakers….” But according to Bloomberg’s report, SEC lawyers were not actually examining the phones themselves for evidence of insider trading or rigging markets. Instead, Bloomberg reports that “banks are arranging for outside attorneys to help conduct the reviews, acting as intermediaries and preserving some semblance of privacy.” (If an outside lawyer being paid by one’s employer is reading sexting messages between a trader and his girlfriend on his personal phone, there is zero “semblance of privacy” and that trader has every right to feel his privacy has been violated.) If the SEC is actually allowing serially-charged Wall Street banks to pay big bucks … Continue reading →

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