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STORY: The SEC has collected thousands of staff messages

from over a dozen major investment companies

as its probe into Wall Street's use

of private messaging apps escalates

That's according to sources who

spoke on the condition of anonymity

Previously, the SEC had asked the companies to

internally review the messages in its investigations

In this latest phase, the SEC asked for messages

from the first half of 2021 that discuss business

on WhatsApp, Signal, and other messaging

apps not approved to discuss work

Using those apps to discuss business puts employers in

breach of rules to record all business communications

Private fund fees and expenses, conflicts of interest

and preferential treatment of investors

are issues the SEC is increasingly focusing on,

according to a lawyer at Goulston & Storrs