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FINRA fines BofA Securities for alleged rule violations

BofA Securities, Inc has agreed to pay a fine of $90,080 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).

FINRA announced today that it has fined BofA Securities, Inc. $24 million for engaging in more than 700 instances of spoofing.

BofA Securities, Inc allegedly violated Customer Gross Margining Technical Overview Requirements and CME Rule 980.G.

Between January 2009 and October 2020, BofAS failed to report OTC options positions to the LOPR in more than 7.4 million instances.

Under a settlement offer in which BofA Securities neither admitted nor denied the rule violations, CME imposed a $100,000 fine.