SEC expands probe of BofA, Merrill deal
The Securities and Exchange Commission has expanded its probe of Bank of America to include possible failure by the bank to disclose mounting losses at Merrill Lynch.
The Securities and Exchange Commission has expanded its probe of Bank of America to include possible failure by the bank to disclose mounting losses at Merrill Lynch.
The SEC is pursuing civil charges against Bank of America over the failed disclosure to shareholders of bonuses to Merrill employees after it was acquired by the bank.
But when Ohio Democratic Rep. Dennis Kucinich asked whether the agency has widened its investigation to include the disclosure of losses at Merrill, SEC Enforcement Director Robert Khuzami answered “yes.”
Khuzami says the SEC has been “and (is) looking at all aspects” related to Bank of America’s disclosures to shareholders before the merger was approved last December.
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