Bank of America 'systematically' misled clients about stock trades
Bank of America Merrill Lynch doctored paperwork on 16 million orders to fool institutional clients into thinking stock trades were taking place in-house when they were not, according to New York's Attorney General.
The bank admitted on Friday to "systematically misleading clients" between 2008 and 2013 about how orders were handled for more than 4 billion shares of stock.
New York Attorney General Eric Schneiderman said Bank of America (BAC) agreed to pay a record $42 million penalty for the "masking" scheme and violations of New York securities law.
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