Bank of America ( BAC) will fork over $10 million to settle allegations it tried to impede an SEC probe into possible trading infractions at its securities unit. The bank, which also agreed to a censure, was cited under an enforcement action for breaking recordkeeping and access provisions of the securities laws. "The commission found that Banc of America Securities repeatedly failed to promptly furnish documents requested by the staff, provided misinformation concerning the availability and production status of such documents, and engaged in dilatory tactics that delayed the investigation," the SEC said in a release. TheStreet.com
was the first to report that the SEC probe concerned allegations Bank of America traded securities prior to the firm's issuance of research on the same stocks. Specifically, the SEC found Banc of America Securities failed to turn over in a timely fashion an email exchange related to matters it knew were under investigation, as well as certain compliance reviews and supervision records. The shares were recently down 41 cents, or 0.5%, to $81.36.