March 24 (UPI) -- Bank of America Merrill Lynch has agreed to pay a record $42 million fine to the state of New York for fraudulent activity related to its electronic trading services.
New York Attorney General Eric Schneiderman announced the settlement Friday. An investigation of BoAML's electronic trading services revealed a fraudulent "masking" scheme, designed to mislead clients about entity responsible for executing in-house orders, the state said.