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:
34-63451
Document 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
Document Name
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
Document Date
07-Dec-2010
Document Format
Administrative Proceeding
Allegation Type
Municipal Securities & Public Pensions
Document Summary
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.
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Self Reporting to SEC
Monetary Penalties:
Disgorgement
Individual:
$24,926,375.00
Shared:
Pre-Judgment Interest
Individual:
$11,170,067.00
Shared:
Total Penalty
Individual:
$36,096,442.00
Shared:
