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2018-03-23 — cnn.com
The bank admitted on Friday to "systematically misleading clients" between 2008 and 2013 about how orders were handled for more than 4 billion shares of stock.
New York Attorney General Eric Schneiderman said Bank of America (BAC) agreed to pay a record $42 million penalty for the "masking" scheme and violations of New York securities law.
...
Schneiderman's investigation revealed that Bank of America told clients that trades were taking place in-house when they were really going to electronic market makers such as Citadel Securities, Knight Capital and now-defunct Madoff Securities.
...
[To avoid being front-run,] some large institutional investors, such as pension and mutual funds, prefer to conduct trades at in-house "dark pools," alternative exchanges that offer greater discretion. The New York investigation found that Bank of America "inflated its claims" about its own dark pool.
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