By MARK DECAMBRENew York Attorney General Andrew Cuomo has filed civil charges against former Bank of America Chief Executive Ken Lewis, former CFO Joe Price and the bank itself, capping a yearlong probe into BofA’s shotgun merger with Merrill Lynch.
"[BofA officials] understated the losses to shareholders, then they turned around and overstated their ability to terminate the arrangement to the federal government to secure $20 billion of federal money, and that is just a fraud," stated Cuomo on a conference call with reporters today.
Cuomo, the state’s top attorney, said he was invoking the 1921 Martin Act, granting him special powers to investigate financial fraud. LINK
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