{"id":5690,"date":"2014-09-28T00:00:00","date_gmt":"2014-09-28T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2014\/09\/bank_america_to_pay_765m_to_se"},"modified":"2022-03-11T09:18:39","modified_gmt":"2022-03-11T15:18:39","slug":"bank-america-to-pay-765m-to-se","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/bank-america-to-pay-765m-to-se\/","title":{"rendered":"Bank America to Pay $7.65M to SEC Over $4B Capital Error"},"content":{"rendered":"\n

Bank of America Corp. (BAC) <\/a>will pay a $7.75 million penalty to settle U.S. Securities and Exchange Commission charges alleging violations of civil securities laws involving record keeping and internal controls. The case is over the $4 billion capital error that the bank disclosed earlier in the year. <\/p>\n

In April, Bank of America said that it had been miscalculating certain capital levels since 2009. By the end of last year the error was over $4.3 billion. The violations took place after the firm took on a huge portfolio that included structured notes when it acquired Merrill Lynch. <\/p>\n

The SEC says that when Bank of America acquired Merrill Lynch it permissibly recorded the notes it inherited at a discount to par. Bank of America then should have realized losses on the notes while they matured and deducted them for purposes of figuring out and reporting regulatory capital. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Bank of America Corp. (BAC) will pay a $7.75 million penalty to settle U.S. Securities and Exchange Commission charges alleging violations of civil securities laws involving record keeping and internal controls. The case is over the $4 billion capital error that the bank disclosed earlier in the year. In April, Bank of America said that […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3751,3752],"tags":[],"class_list":["post-5690","post","type-post","status-publish","format-standard","hentry","category-bank-of-america","category-financial-firms"],"yoast_head":"\nBank America to Pay $7.65M to SEC Over $4B Capital Error — Investor Lawyers Blog — September 28, 2014<\/title>\n<meta name=\"description\" content=\"Bank of America Corp. 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