Bank of America is facing allegations of insider trading in its Asian operations, as reported by The Wall Street Journal. An internal investigation has been initiated following a whistleblower complaint made in June, which claims that investment bankers shared non-public transaction details with investors via WhatsApp prior to a $200 million stake sale involving the Aditya Birla Group.
This alleged leak could have allowed investors to engage in "front-running." The complaint has also been forwarded to the Securities and Exchange Board of India (Sebi) and the head of investment banking for Bank of America in Asia.