Financial Services Industry
Industry: Email Alert RSS FeedParmalat investigators raid BofA offices.
Financial News, January, 2004
Investigators examining the collapse of Parmalat, the Italian dairy group, raided the Milan offices of the Bank of America (BofA) on Friday as magistrates stepped up efforts to find the company's missing billions.
Officials also searched the home of one of the bank's executives, who left to join Parmalat this summer. The raids follow accusations by a former chief financial officer of the firm that Luca Sala, a BofA executive, helped create "ad hoc" trusts that bought up the unsubscribed portions of private bond placements.
BofA has been at the centre of the investigation into the dairy group's implosion since December 17, when it said documents with the BofA logo claiming that Parmalat had [euro]4bn ($5.1bn) in a BofA account in New York were fake. No...
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