MUMBAI: Bank of America has placed two investment bankers in India on administrative leave amid an internal investigation into alleged insider trading within its Asian operations, according to a report in the Financial Times.
The investigation, initiated earlier this year following a whistleblower complaint, is examining whether Bank of America employees and bankers in its Asian investment bank improperly disclosed information about upcoming secondary offerings.This information may have allowed certain investors to “front run” the stock sales, profiting from non-public information. The details of the allegations and the identities of the individuals involved have not been disclosed. Bank of America refused to comment on the matter.
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