Bank of America Corp (BAC)

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The Securities and Exchange Commission charged 36 firms for violating federal securities laws by selling municipal bonds using offering documents that contained materially false statements or omissions about the bond issuers' compliance with continuing disclosure obligations. The firms charged included Bank of America's (BAC) Merrill Lynch unit, Citigroup (C), Goldman Sachs (GS) and J.P. Morgan Chase (JPM). The maximum penalty imposed was $500,000. The SEC said the firms self-reported securities law violations.
-Steve Goldstein; 415-439-6400; [e-mail] Looks like these firms came clean before things started to look good for them and then to find minor things like this to try and bring them down..Good move to come forward..if that's what I read correctly?

The SEC said the firms self-reported securities law violations.