Bank of America (NYSE:BAC) Settles with SEC in Municipal Bond Fraud

Bank of America Corp. (NYSE:BAC) closed another negative chapter in their recent history, as they settled with the SEC in a fraud case for $137 million.

The money will be distributed among several government agencies and numerous victims of the fraud.

This centers around rigging bids when selling municipal bond derivatives to a number of government entities and nonprofits.

A Bank of America spokesman said, "Bank of America is pleased to put this matter behind it, and has already voluntarily undertaken numerous remediation efforts."

Because Bank of America first brought it to the attention of authorities they were granted amnesty concerning civil penalties.