Wall Street’s Top Cop Warns On Encrypted Texts, Market FOMO

Whatever white-collar cases his office may have in mind, Williams seems confident they’ll find evidence on the players’ phones. It’s a view shared by others charged with overseeing Wall Street. Six months ago, regulators imposed $200 million in fines on JPMorgan Chase & Co. for failing to monitor business-related messages on external channels like Whatsapp. And recently, the Securities and Exchange Commission, which often brings civil lawsuits in tandem with SDNY criminal charges, launched a major probe of clandestine texting by bankers and traders at big banks.