In BBH Fine, Bank of America Compliance Officer Sees Reason to Ask for Personal Liability Insurance

By Orla O'Sullivan

A recent regulatory penalty citing a Brown Brothers Harriman executive made a compliance director at Bank of America wonder about his future personal liability, attendees of a business forum heard Tuesday. In February, the Financial Industry Regulatory Authority (Finra) fined the New York-based private bank $8 million for insufficiently monitoring the trade of six billion penny stock shares between January 2009 and June 2013. The self-regulatory organization, which cited the penalty as the largest ever of its kind, also fined Harold Crawford $25,000 and barred him from dealing with Finra members for one month. The head of Brown Brothers Harriman's...