Bank of America charged with civil fraud
Ney York attorney general Andrew Cuomo filed civil securities fraud charges against former Bank of America CEO Ken Lewis along with the former CFO.
The charges allege that they (Ken Lewis and the CFO) decided not to disclose mounting losses at Merrill Lynch before getting the approval from the shareholders to acquire the firm in the shotgun wedding. Separately, the Securities and Exchange Commission (SEC) reached a deal to settle allegations of misleading investors and Bank of America will pay penalties of $150 million. The new settlement still requires a judge’s approval.
The new charges brought on by NY Attorney General are civil fraud charges. If found guilty, then former CEO Ken Lewis and the CFO may face more than just ‘a fine’
Remember the MOVE YOUR MONEY movement which I strongly support.
The full complaint can be read below:
Andrew Cuomo’s Lawsuit Against Bank of America and Ken Lewis
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