Michael Balog used to be the public face of Banc of America Securities, regularly showing up on television to discuss the buying and selling of stocks. Now, the former director of equity marketing and institutional sales at the Bank of America ( BAC) unit is in trouble with the Securities and Exchange Commission over his own stock trading. Balog, who left the brokerage two years ago, is a central figure in an SEC investigation of whether senior managers made stock trades in advance of rating changes by the firm's equity analysts, according to sources and an SEC administrative order. Balog's attorney, Audrey Strauss, a partner with Fried Frank Harris Shriver & Jacobson in New York, said her client is "cooperating with the investigation and would continue to do so." Balog, who no longer works in the brokerage business, had been a regular commentator on business programs on the cable network CNN before abruptly leaving BofA in February 2002. The bank paid a $10 million fine to the SEC for impeding that investigation by failing to supply promptly the documents and email records investigators had been seeking. But now that BofA has finally complied with the SEC's requests, the original investigation into allegations of front-running at the securities firm is getting back on track, people familiar with the inquiry said. The SEC hasn't made any decision on whether to pursue an enforcement action against Balog or any other former BofA employees. An SEC official declined to comment on the status of the investigation, except to say it is continuing. A spokeswoman for the bank's securities division declined to comment. The SEC didn't identify Balog by name in the settlement it reached with the bank. But the document pointed a finger at him, noting that the director of marketing was questioned by the SEC in October 2002.