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BofA commodity arm fined by DOJ for trading practices

Stock MarketsJun 25, 2019 06:05PM ET
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© Reuters. FILE PHOTO: A Bank Of America logo is pictured in the Manhattan borough of New York

(Reuters) - Bank of America (NYSE:BAC) Corp's commodity arm Merrill Lynch Commodities Inc has agreed to pay $25 million to resolve a probe into its trading practices, the U.S. Department of Justice said on Tuesday.

Between 2008 and 2014, traders employed by Merrill Lynch Commodities deceived other traders by injecting misleading information into the precious metals futures market, the DOJ said in a statement.

During the period, the traders placed thousands of orders for precious metals futures contracts only to cancel just before execution, thereby creating a false impression of increased supply or demand, according to the DOJ.

In a separate settlement with the Commodity Futures Trading Commission on Tuesday, Merrill Lynch Commodities also agreed to pay $11.5 million in fines.

BofA commodity arm fined by DOJ for trading practices
 

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Comments (2)
Silverbug 19
Silverbug 19 Jun 25, 2019 6:34PM ET
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No justice ever against these thieves
asoka wim
asoka wim Jun 25, 2019 6:19PM ET
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Slap on the wrist compaired to all the profits they make by manipulating the market
 
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