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Violation Tracker Current Parent Company Summary

Current Parent Company Name: Bank of America
Ownership Structure: publicly traded (ticker symbol NYSE: BAC)
Headquartered in: North Carolina
Major Industry: financial services
Specific Industry: banking
Penalty total since 2000$87,248,751,230
Number of records: 324
Top 5 Offense Groups (Groups Defined)Penalty TotalNumber of Records
consumer-protection-related offenses$44,239,859,04277
financial offenses$41,308,842,096154
employment-related offenses$885,823,76863
competition-related offenses$777,780,58520
government-contracting-related offenses$35,600,0001
Top 5 Primary Offense TypesPenalty TotalNumber of Records
mortgage abuses$39,950,771,70619
toxic securities abuses$23,208,942,85711
investor protection violation$13,777,013,962117
consumer protection violation$4,244,482,30242
banking violation$4,179,637,53214
Notes: Parent-subsidiary linkages are based on relationships current as of the latest revision listed in the Update Log, which may vary from what was the case when a violation occurred. The penalty totals are adjusted to account for the fact that the individual entries below may include both agency records and settlement announcements for the same case; or else a penalty covering multiple locations may be listed in the individual records for each of the facilities. The totals are also adjusted to reflect cases in which federal and state or local agencies cooperated and issued separate announcements of the outcome. Duplicate or overlapping penalty amounts are marked with an asterisk in the list below.

Links: Subsidy Tracker data on financial assistance to this company by federal, state and local government agencies can be found here.

Individual Penalty Records:

Click on the company or penalty amount for more information on each case.

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CompanyPrimary Offense TypeYear sort icon . AgencyPenalty Amount
Merrill Lynch, Pierce, Fenner & Smith Inc.investor protection violation2004FINRA$109,527
Bank of Americaeconomic sanction violation2003OFAC$158,038
Merrill Lynch, Pierce, Fenner & Smith, Incorporatedinvestor protection violation2003SEC$200,000,000
Merrill Lynch & Co. Inc.accounting fraud or deficiencies2003SEC$80,000,000
Bank of Americawage and hour violation2003private lawsuit-state$4,100,000
BANK OF AMERICAworkplace safety or health violation2003OSHA$5,000
Merrill Lynchinvestor protection violation2002DE-AG$500,000
Merrill Lynchinvestor protection violation2002NY-AG$100,000,000
Merrill Lynch & Co. Inc.investor protection violation2002MULTI-AG(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $100,000,000
Merrill Lynchinvestor protection violation2002NH-BSR$500,000
MBNAenvironmental violation2002DE-ENV$225,000
U.S. Trust Corporationbanking violation2001FED$5,000,000
Bank of Americawage and hour violation2001private lawsuit-state$22,000,000
Bank of AmericaFalse Claims Act and related2001AK-AG$35,600,000
FleetBoston Financial Corporationprivacy violation2001NY-AG$100,000
U.S. Trust Corporationanti-money-laundering deficiencies2001NY-DFS$5,000,000
Banc of America Securities LLCinvestor protection violation2001FINRA$40,000
Merrill Lynch, Pierce, Fenner & Smith, Inc.investor protection violation2001FINRA$15,000
MBNA Corp.consumer protection violation2001private lawsuit-federal$8,700,000
Merrill Lynch, Pierce, Fenner & Smith Incorporatedinvestor protection violation2000SEC$5,000,000
Merrill Lynch Life Insurance Companyinsurance violation2000SC-INS$5,000
Fleet National Bankenvironmental violation2000RI-ENV$18,034
Merrill Lynch, Pierce, Fenner & Smith, Inc.investor protection violation2000FINRA$97,000
Countrywide Home Loansenvironmental violation2000CA-SCAQMD$5,000
(*): Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting.