Story perspectives

Bank of America Settles Market Manipulation Case for $5.56M

9/19/2025

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Summary

Story summary

Bank of America Securities (BoAS) resolved a criminal investigation into alleged market manipulation by former employees.
The U.S. Justice Department chose not to prosecute BoAS in this case.
BoAS will pay $1.96 million in disgorgement and contribute $3.6 million to a victim compensation fund.
From November 2014 to April 2020, two traders manipulated the secondary market, while one manipulated the futures market using spoof orders.
Tyler Forbes, one of the traders, pleaded guilty in April 2022.

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Story summary

Bank of America Securities (BoAS) resolved a criminal investigation into alleged market manipulation by former employees.
The U.S. Justice Department chose not to prosecute BoAS in this case.
BoAS will pay $1.96 million in disgorgement and contribute $3.6 million to a victim compensation fund.
From November 2014 to April 2020, two traders manipulated the secondary market, while one manipulated the futures market using spoof orders.
Tyler Forbes, one of the traders, pleaded guilty in April 2022.