In 2013, the Office of the Inspector General raised concerns about Gensler’s “use of personal email to perform official business.”
An inspector general report revealed Gensler “used his personal email so much that he carried two smartphones, one issued by CFTC with his work email, and another for his personal email.â“As technology changes, it’s even more important that registrants appropriately conduct their communications about business matters within only official channels, and they must maintain and preserve those communications,” Gensler lectured.
There are no reports Gensler has used personal devices for professional affairs more recently during his time at the SEC. Still, critics say his past behavior is rankling Wall Street firms that wish they would be extended the same understanding Gensler was given during his time at the CFTC. On Thursday, Reuters reported Gensler could announce a possible settlement with two dozen firms as soon as the end of the week. As part of the deal, the firms would pay as much as $50 million in fines, admit wrongdoing and commit to resolving the issue by hiring consultants to help with record-keeping.
“It smacks of unfairness and creates a problem where firms don’t think their regulator understands their business or the implications of regulations on their business,” Schulp added.
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