Summary
This 8-K filing by Bank of America Corporation (BAC) reports a settlement reached on March 10, 2004, between its subsidiary, Banc of America Securities LLC ("BAS"), and the Securities and Exchange Commission (SEC). The settlement resolves alleged books and records violations connected to an investigation into trading and research activities. While BAS neither admitted nor denied the allegations, it agreed to an SEC order that includes administrative proceedings, factual findings, a $10 million sanction, and a cease and desist order.
Key Highlights
- 1Banc of America Securities LLC (BAS), a subsidiary of Bank of America Corporation, reached a settlement with the SEC.
- 2The settlement addresses alleged books and records violations.
- 3These violations are related to an ongoing SEC investigation into trading and research activities.
- 4BAS did not admit or deny the alleged violations as part of the settlement.
- 5A sanction of $10 million was imposed on BAS.
- 6BAS is subject to a cease and desist order from the SEC.
- 7The SEC staff's investigation into trading and research activities is continuing.