Bank of America to Pay $415 Million to Settle SEC Probe

Bank of America Corp. will pay $415 million to resolve accusations from the Securities and Exchange Commission that it misused customer cash and securities to generate profits, the agency said Thursday. The bank’s Merrill Lynch brokerage unit put at risk customer assets worth as much as $5 billion to $58 billion at a time, depending on the week, over a period spanning 2009 to 2015, the SEC said.