Three Bank of America employees in India resigned recently amid an internal investigation into alleged misconduct, as reported by the Financial Times.
The probe, initiated earlier this year following a whistleblower complaint, focuses on whether the bankers tipped off certain investors about upcoming secondary offerings, allowing them to profit through "front running." Central to the investigation is a $200 million stock sale for Aditya Birla's Sun Life insurance subsidiary in March.
Allegations include improper disclosure of meetings with hedge funds and questionable timing of stock offerings. Indian regulators have also launched an inquiry, contacting Bank of America regarding the matter in September.
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