Banc Of America Dishes Out $10 Million For Fiduciary Violations

Published Thursday, May 01, 2008

Bank of America Corp. just got about $10 million poorer. Its broker/dealer, Banc of America Investment Services Inc., settled charges today that it failed to disclose that it favored mutual funds affiliated with the firm. The SEC alleges that from July 2002 through December 2004, Banc of America Investment Services did not tell clients that it was favoring two mutual funds affiliated with the firm when it was selecting investments for discretionary mutual-fund wrap-fee accounts. It also charged Columbia Management Advisors, a successor to Banc of America Capital Management, LLC, with aiding and abetting, and causing certain violations. ...

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