Did Bank Of America Deserve Retribution? Bruno Fagali Illuminates The Evidence

Last week, Bruno Fagali wrote a short piece that explained more about an American bill that, if enacted, would authorize the giving of awards to international whistleblowers who inform assets of crime transpiring in their nation and set in the US economic system and this plan is titled: Kleptocracy Asset Recovery Rewards Act.

There transpired a special event, Burno Fagali notes, which was awarded by the SEC to three unnamed statements that have significantly improved to illuminate and explain severe economic illegality perpetrated by Bank of America.

As of March 18, 2018, the largest prize ever given was $30 million in 2014. Those of the incident was $50 million split by two reports and $33 million for one reporting person according to terra.com.br.

These bonuses are awarded following the case of the Dodd-Frank Act and are not linked to breaches of the FCPA but economic / investment law regulations.

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As Bruno Fagali mentioned, both resulting atrocities were committed by Bank of America, serving portions of the US $415 million that the economic organization gave in exchange for the deal approved in 2016 by the SEC.

Through the knowledge informed by the three, two were (severe) infractions started by Merrill Lynch which resumed after their acquisition by Bank of America:

I. Covert use of statement holders money for complicated and dangerous actions.
II. Covert implementation and preservation of statement holders’ money in records subjected to payment responsibilities.

Such behavior clearly breaks the policy of consumer security, which is the bank’s legal responsibility to maintain and preserve it’s account holders’ equity values in a savings account (completely separate from the assets held by the bank), allowing to withdraw them in the case of a fiscal emergency.

Bruno Fagali especially wanted to guide out that the evidence that before-mentioned behavior did not create any economic damage to the owners of the legally regulated securities does not reduce the organization of its legal duty

Bruno Jorge Fagali is a Corporate Honesty Manager of one of the greatest Brazilian advertisement companies, an affiliate of the Brazilian Institute of Law and Ethics Business – IBDEE and practicing lawyer in Compliance, Electoral Public Law, and Anticorruption. He founded Fagali Advocacy.

Check more about Bruno Fagali: http://www.ibdee.org.br/o-cigarro-no-banco-dos-reus-no-brasil-os-aditivos-nos-estados-unidos-os-advertisings/