The Top SEC Settlements of 2011

By Joel Stonington - 2012-01-03T23:18:44Z

Photograph by Jeremy Bales/Bloomberg

Company Symbol % Change
11 of 22

No. 11: Banc of America Securities

<p><strong>Total Settlement:</strong> $36 million<br /><strong>Disgorgement:</strong> $36 million<br /><strong>Penalty:</strong> 0

The SEC accused Banc of America Securities of rigging municipal bond bidding through the use of kickbacks and techniques known as last looks and set-ups. A last look is when an agent passes along information on the bid of a competitor; a set-up is when fake bids are submitted to make the process appear legitimate. Banc of America Securities <a href="http://www.sec.gov/news/press/2010/2010-239.htm">settled with the SEC</a> for $36 million and with other state and federal authorities for an additional $101 million. A former Banc of America Securities vice-president pleaded guilty to three criminal counts related to this settlement and awaits sentencing.</p>

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