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Investing.com -- BofA Securities has reached an agreement with the U.S. Department of Justice to resolve a criminal investigation into alleged market manipulation by former employees, according to a statement from the agency.
The Justice Department declined to prosecute the bank, which will instead pay approximately $1.36 million in disgorgement and contribute about $3.6 million to a fund for victims.
The DOJ alleged that two traders who worked on BofA Securities’ U.S. Treasuries desk separately engaged in schemes to manipulate the cash market. One of these employees was also accused of spoofing, a practice that involves placing and quickly canceling orders to create a false impression of market activity.
One of the traders involved in the case, Tyler Forbes, pleaded guilty in 2022 to manipulating U.S. Treasury securities prices, according to the Justice Department.
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