Two Bank of America employees in India suspended
Bank of America (BofA) has placed two bankers in India on administrative leave as part of an internal investigation following a whistleblower complaint, alleging they had tipped off certain investors of upcoming secondary offerings, the Financial Times reported.
The tip-off from the bankers — including a senior member of BofA's Indian investment banking operation — allowed the investors to «front run» the stock sales and profit from non-public information, FT said citing unnamed sources.
While the BofA investigation is looking at a number of deals, it is focused on a $200-million stock sale for Sun Life, the life insurance subsidiary of Indian conglomerate Aditya Birla, in March, it said.
The bank has hired outside investigators to examine whether the two bankers in its Asian operations disclosed the upcoming offering and other non-public information related to it to certain investors.
The bankers were sent on leave from Tuesday, pending investigation, the report said.
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