Bank of America Fined For Regulatory Capital Issues, Cooperates With SEC

Bank of America Corp (NYSE:BAC) appears to have had marked-to-the-market accounting issues and was fined by the U.S. Securities and Exchange Commission $7.65 million for overstating regulatory capital to the tune of “billions of dollars.” The bank noticed the oversight, however, and informed regulators and cooperated in the investigation, the SEC said.

SEC charges Bank of America with violating internal controls

In a statement today, the SEC said it charged Bank of America Corp (NYSE:BAC) with violating internal controls and record-keeping provisions after the bank assumed a large portfolio of structured notes and other financial instruments as part of its acquisition of Merrill Lynch.