BOA Security Unit $25M Fine Settlement: Legit Or Scam? Read This

Did you hear about BOA Security unit $25M Fine? It is not a scam.

BofA Securities Inc. just got hit with a hefty $25 million fine by the Financial Industry Regulatory Authority (FINRA). Why, you ask? Well, they were accused of playing some games – like 700 times! Apparently, two of their former traders were up to some tricky business in the U.S. Treasury secondary markets.

Who Is Behind The BOA Security unit $25M Fine

Now, the fine lands on BofA because they’re accused of not having their act together when it comes to keeping an eye on things. Apparently, from October 2014 to September 2022, they lacked a proper system to sniff out spoofing. Their system, when it finally rolled in 2015, was only good at catching algorithmic spoofing, not the manual kind their traders were up to, until mid-2019

Also, This whole spoofing thing involved over 700 instances, and it wasn’t some one-time oopsie. It happened over six years! To break it down, spoofing is when traders play pretend with orders, making it look like there’s a bunch of market action when they’re actually just pulling a fast one.

How Much Is The Settlement

There is no settlement amount for now. However, BOA Securities Inc (you might remember them as Bank of America Merrill Lynch) got hit with a $25 million fine by the Financial Industry Regulatory Authority (FINRA). Why? Well, they were accused of something called “spoofing” in the U.S. Treasury secondary markets.

How To File A Claim

If you are eligible, fill out a valid claim form when it’s out.

Conclusion

In conclusion, BOA Security unit $25M Fine is not a scam. Just like Allianz Global Assistance Settlement, There is no settlement amount for now. However, BOA Securities Inc (you might remember them as Bank of America Merrill Lynch) got hit with a $25 million fine by the Financial Industry Regulatory Authority (FINRA). Why? Well, they were accused of something called “spoofing” in the U.S. Treasury secondary markets.