Bank of America Corp (NYSE:BAC) appears to have had marked-to-the-market accounting issues and was fined by the U.S. Securities and Exchange Commission $7.65 million for overstating regulatory capital to the tune of “billions of dollars.” The bank noticed the oversight, however, and informed regulators and cooperated in the investigation, the SEC said. SEC charges Bank of America with violating internal controls In a statement today, the SEC said it charged Bank of America Corp (NYSE:BAC) with violating internal controls and record-keeping provisions after the bank assumed a large portfolio of structured notes and other financial instruments as part of its acquisition of…
Bank of America Fined For Regulatory Capital Issues, Cooperates With SEC
Mark Melin
Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.
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