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Bank of America Now Gets Away with Illegal Stock Manipulation
Bank of America has gotten away with illegal stock manipulation after agreeing to pay $5.56 million, according to the Justice Department.
franknezmedia.com
Bank of America Securities has agreed to fork over $5.56 million to settle a U.S. Department of Justice probe into alleged market manipulation by its former traders, but for everyday investors who feel perpetually shortchanged by Wall Street, the deal feels like just another rigged game.
The resolution, announced this week, covers a scheme that spanned from 2014 to 2020 and involved spoofing in U.S. Treasuries markets—tactics that distorted prices and eroded trust in one of the world’s most vital financial arenas.
At its core, the case zeroed in on two ex-traders on BofA’s U.S. Treasuries desk who allegedly placed hundreds of fake orders to manipulate both cash and futures markets.
