Bank of America is under scrutiny for its purchase of Merrill Lynch last year. The purchase is the subject of a criminal investigation that’s been under way for the past six months, the Charlotte Observer reported Friday.
A BofA (NYSE: BAC) spokesman declined comment. Spokesmen for the FBI and Department of Justice would not confirm nor deny that a probe is under way. The report suggests the pressure is rising on BofA’s leadership. The New York Attorney General’s office is expected to soon file charges against BofA CEO Ken Lewis and other members of the bank’s management team over accusations of misleading shareholders.
“We have provided thousands of documents and had numerous meetings with various government agencies regarding the Merrill Lynch transaction,” Bank of America spokesman Scott Silvestri told the Associated Press. “And we continue to believe that there is no basis for charges against the company or individuals on the management team.”
The nation’s largest bank is also under investigation in its home state of North Carolina, where North Carolina Attorney General Roy Cooper’s office is looking into the bank’s system of giving bonuses.
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