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U.S. Securities and Exchange Commission

UNITED STATES OF AMERICA
before the
SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934
Release No. 56234 / August 9, 2007

ADMINISTRATIVE PROCEEDING
File No. 3-12591


In the Matter of

Banc of America Securities LLC,

Respondent.


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NOTICE OF PROPOSED DISTRIBUTION PLAN AND OPPORTUNITY FOR COMMENT

Notice is hereby given, pursuant to Rule 1103 of the Securities and Exchange Commission's ("Commission") Rules on Fair Fund and Disgorgement Plans, 17 C.F.R. 201.1103, that the Division of Enforcement has submitted to the Commission a proposed plan ("Distribution Plan") for the distribution of monies placed into a Fair Fund in the above-captioned matter.

On March 14, 2007, in the above-captioned matter, the Commission issued an Order Instituting Administrative and Cease-and-Desist Proceedings, Making Findings, and Imposing Remedial Sanctions Pursuant to Sections 15(b)(4) and 21C of the Securities Exchange Act of 1934 (the "Order") with respect to Banc of America Securities LLC ("Respondent"). Simultaneously with the entry of the Order, the Commission accepted a settlement offer from Respondent in which it consented to the entry of the Order without admitting or denying the Order's findings and paid $26 million in disgorgement and penalties.

In accordance with the Order, Respondent paid the disgorgement and penalties to the United States Treasury and this money was used to create a Fair Fund for distribution to customers of Respondent who were harmed by the conduct described in the Order pursuant to the proposed Distribution Plan.

OPPORTUNITY FOR COMMENT

Pursuant to this Notice, all interested parties are advised that they may print a copy of the proposed Distribution Plan from the Commission's public website, http://www.sec.gov. Interested parties may also obtain a written copy of the proposed Distribution Plan by submitting a written request to: Kara Brockmeyer, United States Securities and Exchange Commission, 100 F Street, NE, Washington, D.C. 20549-8549. All persons who desire to comment on the Distribution Plan may submit their comments, in writing, no later than September 10, 2007:

  1. to the Office of the Secretary, United States Securities and Exchange Commission, 100 F Street, N.E., Washington, DC 20549-1090;
     
  2. by using the Commission's Internet comment form (Submit comments on Proposed Distribution Plan); or
     

  3. by sending an e-mail to rule-comments@sec.gov.

Please include "Administrative Proceeding File Number 3-12591" on the subject line of any electronic filing. Comments received will be publicly available. Persons should submit only information that they wish to make publicly available.

THE DISTRIBUTION PLAN

The proposed Distribution Plan provides for distribution to customers of Respondent their share of the disgorgement, civil penalties, and interest paid by Respondent in connection with the Order referenced above. The proposed Distribution Plan describes the procedures by which an Administrator will determine the eligible recipients and eligible claims. The proposed Distribution Plan further describes how the Administrator will calculate the amount to be paid to each eligible recipient.

For the Commission, by its Secretary, pursuant to delegated authority.

Nancy M. Morris
Secretary

See also Proposed Distribution Plan

 

 

http://www.sec.gov/litigation/admin/34-56234.htm


Modified: 08/10/2007