Piper Sandler Cos
PIPR
Financials
1
exclusion reason
1 theme
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
In August 2024, the SEC and CFTC collectively fined Piper Sandler $16 million for pervasive recordkeeping failures related to off-channel communications. The SEC assessed a $14 million civil penalty as part of a broader enforcement action against 26 firms (SEC Press Release 2024-98), and the CFTC ordered a separate $2 million penalty (CFTC Release 8972-24). The agencies found that from at least 2019, Piper Sandler employees at all levels, including senior supervisory personnel responsible for compliance oversight, routinely used unapproved personal devices and messaging platforms such as WhatsApp and personal text for business-related communications. These off-channel communications constituted records required to be maintained under federal securities laws for insider trading and market manipulation surveillance. The firm admitted to the violations as part of the settlement.
Research Sources
2 organizations
Related Exclusions
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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