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
Document Reference:
34-55466
Document Details
Legal Case Name
In the Matter of Banc of America Securities LLC
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order Pursuant to Sections 15(b)(4) and 21C of the Securities Exchange Act of 1934
Document Date
14-Mar-2007
Document Format
Administrative Proceeding
Allegation Type
Insider Trading
Document Summary
On March 14, 2007, the SEC instituted settled administrative and cease-and-desist proceedings against Banc of America Securities LLC ("BAS"). According to the SEC: "During the period January 1999 through December 2001, BAS violated the antifraud and internal controls provisions of the federal securities laws in connection with its issuance of research. First, BAS lacked politics and procedures to prevent the misuse by the firm and its employees of material nonpublic information concerning the content and timing of its research reports. Second, BAS issued materially false and misleading research on three different companies."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Compliance Related Independent Consultant
Other Compliance Related Undertaking
Various undertakings
Fair Funds
Plan of Distribution
Monetary Penalties:
Disgorgement
Individual:
$10,000,000.00
Shared:
Civil Penalty
Individual:
$16,000,000.00
Shared: