Bank of America Discloses SEC Probe
Bank of America Corp., the third-largest U.S. bank by assets, said its securities division is under a Securities and Exchange Commission investigation on “trading and research-related activities.”
The Charlotte, N.C.-based bank said the probe of Banc of America Securities focused on the period from 1999 to 2001, according to the company’s 10-K filing with the SEC. The bank said it is cooperating with the probe.
The National Assn. of Securities Dealers fined a former Banc of America Securities analyst in December for publishing research that conflicted with his personal views and giving advance notice of his recommendations to favored clients.
The NASD at the time said its investigation was continuing and that it was looking into “supervisory issues.”
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