Violation Tracker Individual Record

Company: 
Banc of America Capital Management LLC, BACAP Distributors LLC and Banc of America Securities LLC
Current Parent Company: 
Bank of America
Penalty: 
$375,000,000
Year: 
2005
Date: 
February 9, 2005
Primary Offense: 
securities issuance or trading violation
Violation Description: 

The SEC ordered payments of $125 million in penalties and $250 million in disgorgement by Banc of America Capital Management LLC, BACAP Distributors LLC and Banc of America Securities LLC for entering into improper and undisclosed agreements that allowed favored large investors to engage in rapid short-term securities trading known as market timing.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Securities and Exchange Commission
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
North Carolina
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.