By Kyle Brasseur2023-11-30T22:06:00
A broker-dealer affiliate of Bank of America agreed to pay $24 million in settling with the Financial Industry Regulatory Authority (FINRA) for allegedly failing to supervise the “spoofing” activities of two former traders in U.S. Treasury markets.
Bank of America Securities allowed 717 instances of spoofing by a former supervisor and former junior trader over a period of 6 1/2 years, said FINRA in a press release Thursday. The self-regulatory organization disciplined the firm for allegedly not having in place a proper supervisory system to detect the misconduct.
Spoofing is the act of using false trades without the intent of execution to manipulate the market. From October 2014 through February 2021, two former Bank of America Securities employees engaged in this activity while evading detection by the firm, according to FINRA.
2024-12-16T14:45:00Z By Aaron Nicodemus
New York-based SeaCrest Wealth Management will pay a $375,000 fine for failing to properly prevent a cherry-picking scheme perpetrated by one of its investment advisers.
2024-07-23T16:57:00Z By Jeff Dale
The Financial Industry Regulatory Authority announced the appointments of Tina Gubb, effective Monday, and Julie Glynn, effective Sept. 1, as senior vice presidents of enforcement.
2024-05-30T18:41:00Z By Aaron Nicodemus
The Financial Industry Regulatory Authority fined a Bank of America subsidiary $90,080 for filing untimely or inaccurate notifications related to security distributions and failing to adopt an adequate supervisory system.
2025-10-21T18:11:00Z By Adrianne Appel
Eight auto insurers failed to meet the requirements of New York’s cybersecurity regulations during widespread online attacks in 2021 and will pay $19 million under consent orders with the New York State Department of Financial Services (NYDFS).
2025-10-21T17:13:00Z By Oscar Gonzalez
Canada is creating a new federal office to lead efforts against financial crime. The initiative marks the government’s most significant move yet to modernize its approach to fraud and money laundering.
2025-10-20T18:07:00Z By Adrianne Appel
Three executives of a multinational voting machine company in the crosshairs of President Donald Trump since 2020 have been indicted in Florida by the U.S. Department of Justice for allegedly paying $1 million in bribes to the Philippines top election official.
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