Arab Today, arab today sec probes bank of america over customer funds
Last Updated : GMT 21:53:08
Arab Today, arab today
Arab Today, arab today

SEC probes Bank of America over customer funds

Arab Today, arab today

Arab Today, arab today SEC probes Bank of America over customer funds

Bank of America
New York - AFP

The Securities and Exchange Commission is investigating Bank of America to see whether it broke rules by speculating with its customers' funds, a person close to the matter said Tuesday.

The person, who spoke on condition of anonymity to AFP, said the trades took place in Merrill Lynch, bought by BofA in 2009 amid the financial crisis.

The use of customers' funds for trading on the bank's own account puts the money at risk if the trades turn sour, undermining the safety of the financial system. The practice violates rules designed to safeguard customers' assets.

The Wall Street Journal on Tuesday was the first to report on the SEC investigation of Bank of America, the second-largest US bank by assets, for trading that occurred between 2009 and mid-2012.

The SEC declined to comment.

Bank of America said it was cooperating fully with the inquiry.

"These transactions began at Merrill Lynch prior to the merger with Bank of America and received extensive review and approval. The firm fully complied with the rules designed to safeguard client funds," a BofA spokesman said in an email.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today sec probes bank of america over customer funds Arab Today, arab today sec probes bank of america over customer funds

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today sec probes bank of america over customer funds Arab Today, arab today sec probes bank of america over customer funds

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday