The Securities and Exchange Commission announced Thursday that it would be releasing $103 million to investors who have lost money involving Banc of America Capital Management LLC (BACAP) and affiliates illegal and unethical activities.
BACAP and others were in violations of SEC securities due to late trading and mutual fund market timing.
The SEC is set to distribute over $375 million, collectively, to investors who have lost money in Banc of America Securities LLC, BACAP, and BACAP Distributors LLC misconducts. In total, 525 funds and more than 1.5 million investors were harmed.
"Today's distribution demonstrates the Commission's commitment to returning money from wrongdoers to investors under the Fair Fund provisions of the Sarbanes-Oxley Act of 2002," said Dick D'Anna, director of the SEC's new Office of Collections and Distributions. "Our new office has been working to cut red tape and administrative costs and enhance the Commission's increasing success at using our new authority to provide financial relief to investors harmed by market timing or any other unlawful conduct in our markets."
Since Sarbanes, the SEC has focused on correcting financial wrongs, having distributed $3.9 billion total Fair Funds thus far.