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Violation Tracker Individual Record

Company: Banc of America Securities LLC
Current Parent Company: Bank of America
Penalty: $26,000,000
Year: 2007
Date: March 14, 2007
Offense Group: competition-related offenses
Primary Offense: fraud
Mega-Scandal: Brokerage House Conflicts of Interest
Violation Description: Banc of America Securities LLC agreed to pay $26 million to settle allegations of failing to safeguard its forthcoming research reports, including analyst upgrades and downgrades, and for issuing fraudulent research. As part of the settlement, BAS agreed to a censure, a cease-and-desist order, and payment of $26 million in disgorgement and penalties.
Level of Government: federal
Action Type: agency action
Agency: Securities and Exchange Commission
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: North Carolina
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.