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WSJ: BofA probed over breaking customer protection rules

  • The SEC is investigating whether complex strategies used by Bank of America (NYSE:BAC) for years to free up billions of otherwise off-limit money for trading violated customer-protection rules and whether the bank misled investigators about what was happening.
  • The trades took place in BofA's Merrill Lynch unit - purchased in 2009 - and stopped in mid-2012.
  • At issue is a 1972 rule - known in the business as Rule 15c3-3 - designed to make sure banks and trading firms can make good on customer accounts in the event of a failure (see MF Global).
  • Source: WSJ

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