{"id":64,"date":"2007-03-20T09:32:47","date_gmt":"2007-03-20T09:32:47","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2007\/03\/banc_of_american_securities_ll"},"modified":"2007-03-20T09:32:47","modified_gmt":"2007-03-20T09:32:47","slug":"banc-of-american-securities-ll","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/banc-of-american-securities-ll\/","title":{"rendered":"Banc of America Securities LLC to Settle SEC Charges By Paying $26 Million In Penalties and Disgorgement"},"content":{"rendered":"<p>\t\t\t\tTo settle administrative charges made by the Securities and Exchange Commission, Banc of America Securities LLC has agreed to paying $26 million in penalties and disgorgement. The SEC says that BAS did not safeguard upcoming research reports and submitted ones that were fraudulent to companies. Without denying or admitting the charges, BAS has agreed to a cease-and-desist order against future violations and to being censured, as well as other remedial measures. It will also work with an independent consultant to assess its internal controls and prevent nonpublic information about forthcoming researched from being misused again. <\/p>\n<p>The SEC says that there was a &#8220;breakdown&#8221; in internal controls that had been put in place at BAS to stop the firm and its employees from misusing research reports that were forthcoming between January 1999 and December 2001. Because of this breakdown, traders and salespersons at BAS allegedly found out about research changes that were forthcoming, such as downgrades and upgrades.<\/p>\n<p>The SEC claims that BAS had no effective or clear procedures and policies that could allow it to control or manage this kind of information. Because of this, BAS allegedly traded prior to the research reports being issued. The firm is also accused of not taking care of specific conflicts of interest, which compromised the integrity and independence of its analysts. These conflict allegedly led to misleading research reports being published and given to TelCom Semiconductor Inc., Intel Corp, and E-Stamp Corp.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/banc-of-american-securities-ll\/\"  title=\"Continue Reading Banc of America Securities LLC to Settle SEC Charges By Paying $26 Million In Penalties and Disgorgement\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>To settle administrative charges made by the Securities and Exchange Commission, Banc of America Securities LLC has agreed to paying $26 million in penalties and disgorgement. The SEC says that BAS did not safeguard upcoming research reports and submitted ones that were fraudulent to companies. Without denying or admitting the charges, BAS has agreed to [&hellip;]<\/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":[3760],"tags":[],"class_list":["post-64","post","type-post","status-publish","format-standard","hentry","category-sec-enforcement"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Banc of America Securities LLC to Settle SEC Charges By Paying $26 Million In Penalties and Disgorgement &#8212; Investor Lawyers Blog &#8212; March 20, 2007<\/title>\n<meta name=\"description\" content=\"To settle administrative charges made by the Securities and Exchange Commission, Banc of America Securities LLC has agreed to paying $26 million in &#8212; March 20, 2007\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/banc-of-american-securities-ll\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Banc of America Securities LLC to Settle SEC Charges By Paying $26 Million In Penalties and Disgorgement &#8212; 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