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| SEC Brings Enforcement Action Against Banc of America Securities for Repeated Document Production Failures During a Pending Investigation |
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| Firm is Censured and Pays a $10 Million Penalty to Settle Charges |
Washington D.C., March 10, 2004 - The Securities and Exchange Commission announced today a settled enforcement action against Banc of America Securities LLC (BAS) for violations of the recordkeeping and access requirements of the securities laws. As part of the settlement, BAS has agreed to a censure and a $10 million civil penalty. The Commission's order finds that BAS willfully failed to preserve or promptly furnish certain records after they were requested. In particular, the Commission found that BAS failed promptly to produce (i) electronic mail, including a particular e-mail exchange relating to matters that BAS knew were under investigation.
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