SEC Staff to Recommend Action Against BofA
From Dow Jones/Associated Press
Bank of America Corp. disclosed that the Securities and Exchange Commission staff planned to recommend enforcement action against its brokerage unit because of improper stock trading.
In a regulatory filing, the Charlotte, N.C.-based company said the agency had been conducting a formal investigation into trading and research at Banc of America Securities, specifically events at its San Francisco office from 1999 to 2002.
Eloise Hale, a Banc of America Securities spokeswoman, said, “We disagree with the SEC conclusions and intend to contest the staff’s recommendation.”
