Defendant Name: Banc of America Securities LLC

Defendant Type: Subsidiary of Public Company
Public Company Parent: Bank of America Corporation
SIC Code: 6021
CUSIP: 06050510

Initial Case Details

Legal Case Name In the Matter of Banc of America Securities LLC, now known as Merrill Lynch, Pierce, Fenner & Smith Incorporated, successor by merger
First Document Date 07-Dec-2010
Initial Filing Format Administrative Action
File Number 3-14153
Allegation Type Municipal Securities & Public Pensions

Violations Alleged

Exchange Act
• Sec 15(c)

Resolutions

First Resolution Date 07-Dec-2010
Headline Total Penalty and Disgorgement $36,096,442

Related Documents:

34-63451 07-Dec-2010 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Section 15(b) and 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On December 7, 2010, the SEC instituted administrative cease and desist proceedings against Banc of America Securities, LLC. The SEC alleges that Banc of America Securities was involved in improper bidding practices, "involving the temporary investment of proceeds of tax-exempt municipal securities in reinvestment products. . . These practices affected the prices of reinvestment products and jeopardized the tax-exempt status of the underlying municipal securities." Banc of America Securities voluntarily self-reported the possible anticompetitive bidding practices, and as such, has been given amnesty from criminal proceedings. Banc of America Securities must cease and desist from any further violations and is also ordered to pay disgorgement and prejudgment interest.
2010-239 07-Dec-2010 Press Release--Administrative Proceeding
SEC Charges Banc of America Securities With Fraud in Connection With Improper Bidding Practices Involving Investment of Proceeds of Municipal Securities
On December 7, 2010, the SEC announced that it "charged Banc of America Securities, LLC (BAS) with securities fraud for its part in an effort to rig bids in connection with the investment of proceeds of municipal securities."

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