Bank of America’s Response: Cooperation and Enhancement of Controls
While Bank of America neither admitted nor denied FINRA’s findings, it acknowledged the issue stemmed from two former employees’ actions. The bank stated that significant investments have been made to bolster their controls, including improved surveillance, increased staffing, additional training, and policy updates.
A Strong Message from FINRA: Zero Tolerance for Spoofing
Bill St. Louis, FINRA’s Enforcement Head, emphasized the action against BofA Securities as a stern warning against spoofing, including cross-product spoofing. St. Louis highlighted the detrimental impact of spoofing on market transparency and integrity, especially in the U.S. Treasury securities market, given its benchmark status.
Legal Representation: The Teams Behind the Case
BofA Securities is represented by Allison Layson in-house and by John A. Fagg Jr. and Nader S. Raja of Moore & Van Allen PLLC. FINRA’s legal team includes Alfred B. Jensen and Shanyn Gillespie, representing the organization in-house.
