Fraud liability

The banker involved in a case going before the justices is accused of misrepresenting the financial condition of a client.

The payout, to 27,000 victims worldwide, is the third distribution from the $4 billion fund, according to the Justice Department.

The bank recently disclosed in an Aug. 3 filing that it faces a U.S. inquiry into its purchase of low-income housing credits.

Collusion and corruption allegedly prevented Wells Fargo whistleblowers, and a former JPMorgan advisor, from obtaining justice.

“Our whistle-blower program is a critical component in our investor-protection toolbox,” SEC Chairman Jay Clayton says.

The lawsuit follows a complaint by the SEC alleging that five men and three companies defrauded more than 600 investors.

The organization awarded millions to firm insiders that provided information in a 2016 case against BofA.

The beleaguered bank is reported to have been ordered by the Justice Department in late 2017 to conduct an independent investigation of the business.

Thomas Buck spent 33 years with Merrill Lynch before he was fired in 2015.

The firm previously accused its former employee of using company stationery to continue to pass herself off as an Ameriprise advisor.

The new recruit joins after the regional firm paid $150 million to settle a lawsuit brought by an SEC receiver.

The settlement is the third major regulatory payment the BD has incurred in the past year. A branch manager associated with the Jay Peak case has also left the firm.