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Subject: Bank of America Securities May Face SEC Action on Trading Activities Author: ebank.com [ Next Thread | Previous Thread | Next Message | Previous Message ] Date Posted: 08:53:50 01/03/04 Sat NEW YORK — Bank of America Corp.'s (BAC) securities arm Friday said it may face civil action from the U.S. Securities and Exchange Commission (search) relating to trading activities at the unit's San Francisco office. Banc of America Securities said it has received a "Wells notice (search)" from the SEC, alleging that it violated books and records retention laws by improperly storing documents relevant to an inquiry and by not producing requested documents in a timely manner. The unit of Charlotte, N.C.-based Bank of America, the No. 3 U.S. bank, said the case arises out of a November 2001 SEC inquiry. Banc of America Securities said it is cooperating fully with the inquiry and responding to the Wells notice, which gives the subject an opportunity to present a defense to show why an action should not be brought. The unit said it does not believe SEC action is warranted. Eloise Hale, a Bank of America spokeswoman, declined to disclose the subject of the inquiry, or whether any personnel actions have taken place as a result, but said the inquiry has nothing to do with mutual funds. New York Attorney General Eliot Spitzer (search) in September said a hedge fund was allowed to illegally trade the bank's Nations funds. The SEC was not immediately available for comment. Bank of America shares traded Friday on the New York Stock Exchange (search) at $79, down $1.43. http://www.foxnews.com/story/0,2933,107266,00.html [ Next Thread | Previous Thread | Next Message | Previous Message ]