Economy

xchrom

(108,903 posts)

70. BofA Swaps Desk Investigated by CFTC, DOJ, Filing Disclosed

Sun Jan 26, 2014, 08:22 AM

Jan 2014

http://www.bloomberg.com/news/2014-01-25/bofa-swaps-desk-investigated-by-cftc-doj-june-filing-disclosed.html

Bank of America Corp.’s handling of futures trades has been investigated by the U.S. Department of Justice and the Commodity Futures Trading Commission, according to a regulatory filing in June.

The probe, reported earlier today by Reuters, was disclosed in a June 14 notice included in the Financial Industry Regulatory Authority BrokerCheck report on Eric Alan Beckwith, a former employee of Bank of America and its Merrill Lynch subsidiary. Bill Halldin, a spokesman for Charlotte, North Carolina-based Bank of America, declined to comment.

The U.S. Attorney’s Office for the Western District of North Carolina is examining “whether it was proper for the swaps desk to execute futures trades prior to the desk’s execution of block future trades on behalf of counterparties,” according to the filing, which cites the bank as the source of the information.

Authorities also are investigating whether Beckwith “provided accurate information” for a probe into the matter by CME Group Inc.’s Chicago Mercantile Exchange. The CFTC is conducting a parallel investigation, according to the filing.

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

82 replies

= new reply since forum marked as read

Highlight:

Weekend Economists Examine (E)sc(h)atology January 24-26, 2014 [View all] Demeter Jan 2014 OP

Well, that was a week that was! Demeter Jan 2014 #1

Pick your Requiem! Demeter Jan 2014 #2

IMF warns more work is needed to tackle big bank risk Demeter Jan 2014 #3

No bank too big to indict, U.S. attorney general says Demeter Jan 2014 #4

"TRULY, THE END TIME APPROACHETH" Hotler Jan 2014 #53

Now Hotler, you wouldn't expect the Wall St. Gods, the Masters of the Universe Demeter Jan 2014 #56

It's crazy isn't it? Hotler Jan 2014 #81

I feel like a modern Cyrano De Bergerac Demeter Jan 2014 #82

Senators urge Fannie, Freddie to aid lower-income households Demeter Jan 2014 #5

How An 18-Year-Old Code Was Cracked On The Web In 13 Minutes Demeter Jan 2014 #6

That's fascinating! DemReadingDU Jan 2014 #15

Tech Week That Was: The Mac Turns 30, More NSA Rumblings Demeter Jan 2014 #7

Schaeuble Says German Bank Split Law Can Serve as European Model Demeter Jan 2014 #8

LEGALIZE DEMOCRACY--THE "MOVE TO AMEND" DOCUMENTARY Demeter Jan 2014 #9

Business chiefs fear ticking jobless time bomb REPORT FROM DAVOS Demeter Jan 2014 #10

Davos 2014: World Economic Forum - Day Two as it happened Demeter Jan 2014 #11

West's 30-year vendetta with Iran is finally buried in Davos Demeter Jan 2014 #16

DR. DOOM AT DAVOS: VIDEO INTERVIEW Demeter Jan 2014 #22

Bill Black: Dimon Does Davos, and His Board Gives Him a Raise Demeter Jan 2014 #65

Almost Everything in “Dr. Strangelove” Was True by Eric Schlosser Demeter Jan 2014 #12

54% of Republicans Say We’ve Got Too Much Inequality Demeter Jan 2014 #13

Live Q&A with Edward Snowden: Thursday 23rd January, 8pm GMT, 3pm EST Demeter Jan 2014 #14

Some Bytes about Bitcoin Demeter Jan 2014 #17

U.S. stocks tumble; Dow drops 318 points; Indexes post worst weekly losses in more than a year Demeter Jan 2014 #18

Why a stock market correction should make you happy Demeter Jan 2014 #19

As goes the QE so goes the markets. westerebus Jan 2014 #25

IF QE was the only thing making the wheels on the bus go round and round Demeter Jan 2014 #26

QE was designed for the 1% wealthy to get wealthier DemReadingDU Jan 2014 #28

Shaken not stirred. westerebus Jan 2014 #29

Tsunami of Retail Store Closings and Downsizings Coming; Expect Layoffs and Shorter Hours Demeter Jan 2014 #20

Low-Wage Workers Have far More Education than They Did in 1968, yet They Make far Less Demeter Jan 2014 #21

DEMETER PAUSES FOR INTERMISSION Demeter Jan 2014 #23

Michael Olenick: “Conversation with the Receptionists” – An Obamacare Skit Demeter Jan 2014 #24

HSBC imposes restrictions on large cash withdrawals DemReadingDU Jan 2014 #27

Gold Mint Runs Overtime in Race to Meet World Coin Demand xchrom Jan 2014 #30

Won Leads Weekly Drop in Asia Currencies on Fed Bets, China Data xchrom Jan 2014 #31

Yen Rallies With Franc on Rout in Amid Emerging Markets xchrom Jan 2014 #32

Angst Over Argentina Upends Alpine Complacency in Davos xchrom Jan 2014 #33

It's nasty, but it's real Demeter Jan 2014 #47

soon there will be official expressions of deflationary SURPRISE!11 nt xchrom Jan 2014 #49

Emerging markets selloff picks up, drags down Europe, U.S. xchrom Jan 2014 #34

Euro zone to assure IMF it will keep funding Greece - EU official xchrom Jan 2014 #35

Mexico draws over $7 billion in foreign investment at Davos xchrom Jan 2014 #36

foes of obama trade pacts mostly democrats xchrom Jan 2014 #37

PLATINUM, PALLADIUM DROP ON EMERGING MARKET WOES xchrom Jan 2014 #38

NATURAL GAS SOARS AS COLD GRIPS HOMES, DRILLERS xchrom Jan 2014 #39

EURO BANK CHIEF POINTS TO EUROZONE GROWTH PICK-UP xchrom Jan 2014 #40

Crippled eurozone to face fresh debt crisis this year, warns ex-ECB strongman Axel Weber Demeter Jan 2014 #64

The World Got A Major Wake-Up Call From China xchrom Jan 2014 #41

Here's What Emerging-Market Leaders Are Saying And Doing As Their Currencies Burn xchrom Jan 2014 #42

Investors Poured Billions Of Dollars Into The Stock Market Last Week Even As Prices Fell xchrom Jan 2014 #43

Warren Buffett Just Offered Jamie Dimon An Insanely High-Paying Job xchrom Jan 2014 #44

Sounds like Jamie needs a bolt-hole Demeter Jan 2014 #48

Wall Street’s Frightening New Plan To Become America’s Landlord xchrom Jan 2014 #45

This calls for a massive, nation-wide boycott Demeter Jan 2014 #50

Oh yeh DemReadingDU Jan 2014 #52

Each one, teach one Demeter Jan 2014 #57

Doesn't work if the recipients have closed ears and eyes DemReadingDU Jan 2014 #60

Wages Are Growing At The Slowest Rate Since The 1960s xchrom Jan 2014 #46

I have to go move 4 inches of freshly fallen powder and a ton of paper Demeter Jan 2014 #51

Awesome post Demeter. Hotler Jan 2014 #54

That's funny! Demeter Jan 2014 #58

A tad off topic. Hotler Jan 2014 #55

We're there with you....sometimes it seems the whole world is missing Mom Demeter Jan 2014 #59

Musical Interlude hamerfan Jan 2014 #61

The perfect music for the theme! Demeter Jan 2014 #62

Shaken but secure Claude Fischer, professor of sociology Demeter Jan 2014 #63

WEE PAUSE NOW FOR ZZZZZZZZZZZZZZZZZZZZZZ Demeter Jan 2014 #66

Musical Interlude II hamerfan Jan 2014 #67

Tax Amnesty Program Draws 106 Swiss Banks, U.S. Prosecutor Says xchrom Jan 2014 #68

Tiny Switzerland has more than 300 Swiss banks? DemReadingDU Jan 2014 #76

Dubai Stocks Lead Mideast Drop on Global Rout; Abu Dhabi Falls xchrom Jan 2014 #69

BofA Swaps Desk Investigated by CFTC, DOJ, Filing Disclosed xchrom Jan 2014 #70

Euro-Area Direct Bank Aid Ready in March: Dijsselbloem xchrom Jan 2014 #71

ROUBINI: We Just Saw A 'Mini Perfect Storm' xchrom Jan 2014 #72

Americans Will Have To Step Up In The Treasury Bond Market And There's Only One Way To Get Them To xchrom Jan 2014 #73

Germany Plans To Expand Military Presence In Africa xchrom Jan 2014 #74

China Has Gone From Making The World's Stuff To Buying It xchrom Jan 2014 #75

Forget 'Keep Your Plan' And The Website, Obamacare Taxes Are Worse Demeter Jan 2014 #77

Why Is The Public Being Stonewalled On Serious ObamaCare Fixes? Demeter Jan 2014 #78

high-deductible plans are not the answer! nt antigop Jan 2014 #80

NSA MOVES THE WORLD Demeter Jan 2014 #79