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 Capital Management, LLC, BACAP Distributors, LLC, and Banc of America Securities, LLC
First Document Date 09-Feb-2005
Initial Filing Format Administrative Action
File Number 3-11818
Allegation Type Investment Advisers/Investment Companies

Violations Alleged

Exchange Act
Sec 10(b) + Rule 10b-5
Sec 15(c)
Securities Act
Sec 17(a) (Not specified)
Other
Rule 22c-1(a) Investment Company Act; Rule 15c1-2, 17a-3, 17a-4 Exchange Act

Related Violations Alleged

Banc of America Securities LLC is alleged to have aided and abetted BACAP Distributors, LLC's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act (willfully/knowingly).
Banc of America Securities LLC is alleged to have caused BACAP Distributors, LLC's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Banc of America Securities LLC is alleged to have aided and abetted BACAP Distributors, LLC's violation of Sec 17(a) (Not specified) of the Securities Act (willfully/knowingly).
Banc of America Securities LLC is alleged to have caused BACAP Distributors, LLC's violation of Sec 17(a) (Not specified) of the Securities Act.
Banc of America Securities LLC is alleged to have aided and abetted Banc of America Capital Management, LLC's violation of Section 206(1), 206(2) Advisers Act; Section 34(b) Investment Company Act (willfully/knowingly).
Banc of America Securities LLC is alleged to have caused Banc of America Capital Management, LLC's violation of Section 206(1), 206(2) Advisers Act; Section 34(b) Investment Company Act.

Resolutions

First Resolution Date 09-Feb-2005

Related Documents:

33-8538 09-Feb-2005 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order Pursuant to Section 8a of the Securities Act of 1933, Sections 15(B) and 21c of the Securities Exchange Act of 1934, Sections 203(E) and 203(K) of the Investment Advisers Act of 1940 and Sections 9(B) and 9(F) of the Investment Company Act of 1940
According to the SEC: "Banc of America Capital Management, LLC ("BACAP") and its predecessor entity Banc of America Advisers, LLC, the investment adviser to all mutual funds, or series, in the Nations Funds mutual fund complex (the "Nations Funds") as well as BACAP Distributors, LLC ("BACAP Distributors"), the distributor and administrator for Nations Funds, allowed certain market timing clients to engage in short-term or excessive trading and never disclosed this fact to other investors."
34-56783 13-Nov-2007 Administrative Proceeding
Order Extending Time To Enter An Order Approving Or Disapproving Distribution Plan
The Commission ordered that: "for good cause shown, the time for entering an Order approving or disapproving the proposed distribution plan is extended to December 4, 2007."
34-57048 27-Dec-2007 Administrative Proceeding
ORDER APPROVING THE DISTRIBUTION PLAN
The SEC approves the Distribution Plan with such relevant modifications and approves the appointment of Rust Consulting, Inc. as the Fund Administrator. This is pursuant to the SEC's institution of settled administrative and cease-and-desist proceedings against Banc of America Capital Management, LLC ("BACAP"), BACAP Distributors, LLC ("BACAP Distributors"), and Banc of America Securities, LLC ("BAS") (collectively, "Respondents") for violations of the federal securities laws in connection with market timing and late trading in the Nations mutual fund complex and the subsequent Order provided for the payment of disgorgement and civil penalties totaling $375 million and the establishment of a fair fund (the "BOA Fair Fund").
34-57048-dp 27-Dec-2007 Administrative Proceeding
PLAN OF DISTRIBUTION
The SEC stated: "The Independent Distribution Consultant of Nations Fair Fund submits this proposed plan of distribution (the "Plan") . . . As described more specifically below, the Plan provides for the distribution of funds collected in the above-captioned matter to compensate the Nations Funds Shareholders and other mutual fund families harmed by anti-fraud securities violations of Banc of America Securities, LLC ("BAS") that facilitated market timing and late trading by some introducing broker dealers and a hedge fund at the expense of shareholders of Nations Funds and other mutual fund families."
34-58896 03-Nov-2008 Administrative Proceeding
Order Directing Disbursement of Fair Fund
The SEC stated: "[I]t is ORDERED that the Commission staff shall transfer $23,825,205.86 of the Fair Fund to Deutsche Bank and the Plan Administrator shall distribute such monies to investors, as provided for in the Plan of Distribution."
34-59520 05-Mar-2009 Administrative Proceeding
Order Directing Disbursement of Fair Fund
The Commission stated that: "the Commission staff shall transfer $14,734,968.83 of the Fair Fund to Deutsche Bank and the Plan Administrator shall distribute such monies to investors, as provided for in the Plan of Distribution."
34-60080 09-Jun-2009 Administrative Proceeding
Order Directing Disbursement of Fair Fund
The Commission stated: "it is ORDERED that the Commission staff shall transfer $17,511,119.22 of the Fair Fund to Deutsche Bank and the Plan Administrator shall distribute such monies to investors, as provided for in the Plan of Distribution."
34-61088 01-Dec-2009 Administrative Proceeding
Order Directing Disbursement of Fair fund
On December 1, 2009, the SEC issued an Order Directing Disbursement of Fair Fund.
34-62212 03-Jun-2010 Administrative Proceeding
Order Directing Disbursement of Fair Fund
On June 3, 2010, the SEC issued an Order Directing Disbursement of Fair Fund.
34-63360 23-Nov-2010 Administrative Proceeding
Order Directing Disbursement of Fair Fund
On November 16, 2007, the Commission published a notice of the Plan of Distribution, and that Plan was approved on December 27, 2007. The total amount of the plan is $375M and the SEC instituted this Order on November 23, 2010, directing the payment of the eighth distribution to plan administrators. The payment is the amount of $3,047,283 will be paid to Plan Administrators who will then distribute the money to investors.
34-64606 06-Jun-2011 Administrative Proceeding
Order Directing Disbursement of Fair Fund
On June 6, 2011, the SEC published an Order Directing Disbursement of Fair Fund.
33-9254 30-Aug-2011 Administrative Proceeding
Order Modifying Order Instituting Administrative and Cease-and-Desist Proceedings, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order Pursuant to Section 8A of the Securities Act of 1933, Sections 15(b) and 21C of the Securities Exchange Act of 1934, Sections 203(e) and 203(k) of the Investment Advisers Act of 1940 and Sections 9(b) and 9(f) of the Investment Company Act of 1940
On August 30, 2011, the SEC ordered the amendment of its earlier 2005 Order against Banc of America Capital Management, LLC, BACAP Distributors, LLC, and Banc of America Securities, LLC.
34-67415 11-Jul-2012 Administrative Proceeding
Order Directing Disbursement of Fair Fund
On July 11, 2012, the SEC ordered that "the Commission staff shall transfer $24,826,874.15 of the Fair Fund to Deutsche Bank and the Plan Administrator shall distribute such monies to investors, as provided for in the Plan of Distribution."
34-68208 09-Nov-2012 Administrative Proceeding
Order Directing Disbursement of Fair Fund
On November 9, 2012, the SEC ordered that "the Commission staff shall transfer $9,036,325.11 of the Fair Fund to Deutsche Bank and the Plan Administrator shall distribute such monies to investors, as provided for in the Plan of Distribution."
34-70082 31-Jul-2013 Administrative Proceeding
Order Directing Disbursement of Fair Fund
On July 31, 2013, the SEC ordered: "that the Commission staff shall transfer $13,756,827.09 of the Fair Fund to Deutsche Bank and the Plan Administrator shall distribute such monies to investors, as provided for in the Plan of Distribution."
33-9971 29-Oct-2015 Administrative Proceeding
Order Modifying Order Instituting Administrative and Cease-and-Desist Proceedings, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order Pursuant to Section 8A of the Securities Act of 1933, Sections 15(b) and 21C of the Securities Exchange Act of 1934, Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, and Sections 9(b) and 9(f) of the Investment Company Act of 1940.
On October 29, 2015, the SEC ordered to amend paragraphs 134(g), 134(h) and 137(b) of the Order instituting administrative and cease-and-desist proceedings, making findings, and imposing remedial sanctions and a cease-and-desist order pursuant to Section 8A of the Securities Act of 1933, Sections 15(b) and 21C of the Securities Exchange Act of 1934, Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, and Sections 9(b) and 9(f) of the Investment Company Act of 1940 dated February 9, 2005 ("2005 Order"). The amendments to paragraphs 134(h) and 137(b) of the 2005 Order provide that the compliance undertakings stipulated in these paragraphs must be performed until at least December 31, 2014. The amendments to paragraph 134(g) of the 2005 Order provide that the mutual funds will hold a meeting of shareholders at which the Board of Trustees will be elected in 2005 and 2011.
34-81064_3-11818 30-Jun-2017 Administrative Proceeding
Notice of Name Change of Appointed Tax Administrator
On June 30, 2017, the SEC announced a Name Change of Appointed Tax Administrator, and amended the Omnibus Order, beginning June 2017 and for calendar year 2018, to replace all references to Damasco with "Miller Kaplan Arase LLP which acquired Damasco & Associates LLP" in order to reflect Damasco's name change.
34-82133 20-Nov-2017 Administrative Proceeding
Order Directing Disbursement of Fair Fund
According to the SEC: "[I]t is ORDERED that the Fund Administrator shall distribute $36,335,607.45 to the Eligible Funds and transfer the remaining $4,701,533.78 in Fair Fund assets at Deutsche Bank to the Commission's Office of Financial Management, as provided for in the Plan."
34-84232 20-Sep-2018 Administrative Proceeding
Order Directing Transfer of Remaining Funds and any Future Funds Received by the Fair Fund to the U.S. Treasury, Discharging the Fund Administrator, and Terminating the Fair Fund
The Commission stated that: "Accordingly, it is ORDERED that: 1. The remaining funds in the Fair Fund in the amount of $49,747,926.17 and any future funds received by the Fair Fund shall be transferred to the U.S. Treasury; 2. The Fund Administrator is discharged; and 3. The Fair Fund is terminated."

Other Defendants in Action: