Violation Tracker Individual Record

Company: 
Banc of America Investment Services, Inc.
Current Parent Company: 
Bank of America
Penalty: 
$9,763,634
Year: 
2008
Date: 
May 1, 2008
Primary Offense: 
investor protection violation
Violation Description: 

Banc of America Investment Services, Inc. (BAISI) agreed to pay nearly $10 million to settle allegations that it failed to disclose to clients that in selecting investments for discretionary mutual fund wrap fee accounts, it favored two mutual funds affiliated with BAISI.

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.