Defendant Name:
BofA Securities, Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Bank of America Corporation
SIC Code:
6029
CUSIP:
06050510
Document Reference:
34-95921
Document Details
Legal Case Name
In the Matter of BofA Securities, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated
Document Name
Order Instituting Administrative And Cease-and-Desist Proceedings Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date
27-Sep-2022
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
On September 27, 2022, the SEC instituted settled administrative and cease-and-desist proceedings against BofA Securities, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, stating: "From at least January 2018 to September 2021, BAML employees sent and received off-channel communications that related to the business of the broker-dealers operated by BAML. Respondents did not maintain or preserve the substantial majority of these written communications. Respondents' failures were firm-wide, and involved employees at all levels of authority. As a result, Respondents violated Section 17(a) of the Exchange Act and Rule 17a 4(b)(4) thereunder."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Compliance Related Independent Consultant
Various undertakings
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
Shared:
$125,000,000.00
Shared with: Merrill Lynch, Pierce, Fenner & Smith, Inc.
Other Defendants in Action:
