Bank of America secretly routed trades in order to enrich clients like Bernie Madoff while misleading other customers through “masked” messages for five years through 2013, according to the $45 million settlement with New York Attorney General Eric Schneiderman on Friday.
BofA, which is led by CEO Brian Moynihan, sold stock at discounted prices to ultra-fast electronic trading companies, even though they told clients that they were being routed to public markets at fair prices by the bank’s in-house brokers, according to the settlement.
“Bank of America Merrill Lynch went to astonishing lengths to defraud its own institutional clients about who was seeing and filling their orders, who was trading in its dark pool, and the capabilities of its electronic trading services,” Schneiderman said in a statement.
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3 comments:
I had money at M&T. Their "investment" guy called and wanted to meet with me. I gave it a whirl. His exact statement was that if I invested with them I would most likely lose money the first year, due to their fees and other such BS. I laughed at him. Losing money isn't point of investing.
BoA is the pond scum of banks.
I'm not surprised at all that Merrill lynch is accused of wrongdoing. They are out for themselves and the clients are fodder for their greed.
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