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23

BofA to Pay $415 Million Over Claims It Misused Client Funds

By Tony Seruga

SEC says bank used customer cash to finance its own trades
Merrill Lynch admits to wrondoing in settling investigation

Bank of America Corp. admitted to wrongdoing in settling a U.S. regulator’s allegations that it misused billions of dollars in customer funds to finance trades that benefited the firm.

The bank will pay $415 million over claims that its Merrill Lynch unit engaged in complex transactions to reduce the amount of client funds that had to be set aside in reserve accounts, the Securities and Exchange Commission said in a statement Thursday. Had the firm failed, its customers would have been exposed to a “massive shortfall,” the regulator said…

BofA to Pay $415 Million Over Claims It Misused Client Funds

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