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http://www.foxnews.com/us/2013/08/0...oxnews/national+(Internal+-+US+Latest+-+Text)
US gov't accuses Bank of America of civil fraud in sale of $850M of mortgage bonds in 2008
Published August 06, 2013
Associated Press
WASHINGTON – The U.S. government has accused Bank of America Corp. of civil fraud, saying the company failed to disclose risks and mislead investors in its sale of $850 million of mortgage bonds during 2008.
The Justice Department filed a civil suit against the bank and two of its subsidiaries on Tuesday. The Securities and Exchange Commission filed a related suit against Bank of America.
The authorities say Bank of America lied to investors about the risk of the mortgages underlying the investment.
Read more: http://www.foxnews.com/us/2013/08/0...l+(Internal+-+US+Latest+-+Text)#ixzz2bE76Z7Ao
US gov't accuses Bank of America of civil fraud in sale of $850M of mortgage bonds in 2008
Published August 06, 2013
Associated Press
WASHINGTON – The U.S. government has accused Bank of America Corp. of civil fraud, saying the company failed to disclose risks and mislead investors in its sale of $850 million of mortgage bonds during 2008.
The Justice Department filed a civil suit against the bank and two of its subsidiaries on Tuesday. The Securities and Exchange Commission filed a related suit against Bank of America.
The authorities say Bank of America lied to investors about the risk of the mortgages underlying the investment.
Read more: http://www.foxnews.com/us/2013/08/0...l+(Internal+-+US+Latest+-+Text)#ixzz2bE76Z7Ao