So the lesson learned is you can lie and commit fraud on a massive scale as long as you are big enough to pay the fines .
No jail time for anyone of course ..
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Bank of America's Merrill Lynch routinely misled customers by telling them billions of stock trades had been managed in-house when they were actually turned over to outside firms, N.Y. says.
The bank admits to undisclosed agreements with Citadel Securities, Knight Capital, D.E. Shaw, Two Sigma Securities and Madoff Securities to handle the trades instead.
Two years ago, New York Attorney General Eric Schneiderman struck settlements with Credit Suisse, Barclays and Deutsche Bank over trading abuses.
On Friday, the attorney general announced a $42 million settlement with Bank of America over what it called the "masking" strategy, which was applied to 16 million client trade orders between 2008 and 2013, representing over 4 billion traded shares.
https://www.cnbc.com/2018/03/23/bank...g-trading.html
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