We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bank of America Corporation | NYSE:BAC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.65 | 1.72% | 38.38 | 38.42 | 37.83 | 37.94 | 39,579,935 | 00:56:07 |
By Stephen Nakrosis
The U.S. Department of Justice on Tuesday said Merrill Lynch Commodities Inc. will pay $25 million to resolve a government investigation looking into a "multiyear scheme by MLCI precious metals traders to mislead the market for precious metals futures contracts traded on the Commodity Exchange Inc."
The Justice Department said between 2008 and 2014 some Merrill Lynch precious metals traders placed fraudulent orders to "manipulate the market by creating the false impression of increased supply or demand." The traders then sold futures contracts to other market participants "at quantities, prices and times that they otherwise likely would not have done so," the department said.
Merrill Lynch Commodities entered a nonprosecution agreement and, along with parent company Bank of America Corp. (BAC), will cooperate with the government's ongoing investigation, the department said. The companies will also enhance existing compliance programs and internal controls, the department said.
The Commodity Futures Trading Commission on Tuesday announced a separate settlement with Merrill Lynch Commodities that will see the company pay a civil monetary penalty of $11.5 million, and carry out other remedial and cooperation obligations in connection with any related CFTC investigation.
A spokesman for Merrill Lynch Commodities said, "We're disappointed by the conduct of the former Merrill Lynch Commodities employees named in this matter, and have cooperated with the investigations."
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
June 25, 2019 17:34 ET (21:34 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
1 Year Bank of America Chart |
1 Month Bank of America Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions