Bank of America moves senior bankers to Paris, sued over Ponzi scheme

Bank Of America Building

Bank of America Merrill Lynch is shifting three of its most senior UK-based bankers to Paris, as part of Brexit reorganisation plans aimed at ensuring “seamless” service to its European Union clients after Britain quits the bloc in March.

In a staff memo seen by Reuters on Tuesday, the bank’s chief operating officer Tom Montag said Sanaz Zaimi, head of Global Fixed Income, Currencies and Commodities (FICC) Sales, would assume the additional role of country executive for France and relocate to the French capital during 2019.

In the meantime, Bloomberg News reports that Bank of America  was accused in a lawsuit of providing more than 100 accounts used to perpetrate what the U.S. regulators called a $102 million Ponzi scheme.

The class-action suit filed on behalf of people who lost money follows a complaint last week by the Securities and Exchange Commission alleging that five men and three companies defrauded more than 600 investors.

Bank of America moves senior London bankers to Paris ahead of Brexit

Bank of America Sued for Allowing $102 Million Ponzi Scheme


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