Don't have an account yet? You can create one. As a registered user you have some advantages like theme manager, comments configuration and post comments with your name.
Posted: Wed Mar 14, 2007 10:44 pm Post subject: Bank of America to pay $26m in SEC settlement
Bank of America to pay $26m in SEC settlement
Bank of America Wednesday agreed to pay $26m to settle US Securities and Exchange Commission charges that it issued false equity research and allowed its traders access to research reports before they were released to customers, Reuters reports from Washington.
The penalty includes $16m of civil fines and $10m of disgorgement.
The second-largest US bank also agreed to hire a consultant to review its internal controls and stop further leaks of research reports. "We are determined to plug an improper leak of information on Wall Street," said Linda Thomson, director of the SEC's enforcement division, in a statement Wednesday.
Bank of America did not immediately return a call seeking comment. The bank, based in Charlotte, North Carolina, did not admit wrongdoing.
According to the SEC, Banc of America Securities LLC from January 1999 to December 2001 failed to detect and prevent employees' misuse of forthcoming research reports.
In at least two cases, traders took positions in securities before releasing the research to clients.
The agency also said Bank of America failed to address conflicts of interest that compromised analysts' independence.
It said this led to false and misleading research on Intel Corp, E-Stamp Corp and TelCom Semiconductor.
The penalty includes $16m of civil fines and $10m of disgorgement.
Too bad that $26 million will disappear into the black hole of government and it's bureaucracy.....just a cost of "doing business (ILLEGALLY) for Bank of "America"!
May misfortune continue to rain down on Bank of America due to its corruption and greed. _________________ The world is a dangerous place, not because of those who do evil, but because of those who look on and do nothing- Albert Einstein
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot vote in polls in this forum
Contribute/Join
Forum FAQ
Search
Usergroups
Profile
Log in to check your private messages
Log in
