Posted 12/1/2023, 6:18:11 AM
BofA Securities Fined $24 Million for Manipulating Treasury Market Through Spoofing Over Six Years
- BofA Securities fined $24M by FINRA for manipulating Treasury market through spoofing and lack of supervision over 6 years
- FINRA found 717 instances of traders engaging in spoofing to trick other traders
- BofA lacked system to detect spoofing in Treasuries until 2015, and system remained ineffective afterwards
- BofA settled without admitting or denying allegations; says it has enhanced surveillance, staffing, training to address
- BAC stock has Moderate Buy analyst consensus based on upside potential, though concerns remain on regulatory issues