Consumer complaint received 2022-04-17
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Managing an account
Sub-issue: Funds not handled or disbursed as instructed

Complaint:
I want to report two crimes against property that Bank of AmericaXXXX has committed to take more than {$110000.00} out of my account XXXX, even as the bank has charged me around {$2000.00} in margin interest. 

In accordance with the rules and requirements of XXXX XXXX XXXX XXXX, my equity was more than the maintenance requirements, to say 30 % of the LMV, Long Market Value. Page 12 of the Handbook, Stock Margin Requirements, for Long Stocks {$10.00} or over, Maintenance Requirement is 30 %. So, my account was complying with the 30 % minimum requirement. 

In accordance with another requirement for concentrated stocks. Page 13 of the Handbook, higher maintenance requirements apply on positions in excess of XXXX shares. For XXXX shares the maintenance requirements are 30 % of the LMV, Long Market Value, to a minimum of {$3.00} per share. As I had XXXX positions on XX/XX/XXXX, my account was complying with the same 30 % minimum requirement. 

Risky Stocks, XXXX has not published a list of risky stocks, however I made a search on the internet and did not find XXXX XXXX XXXX, XXXX, in any list. XXXX has around 5 upgrades and 0 downgrades. So, this is not a reason for XXXX to sell my positions. Bank of America issued a {$200.00} target price for XXXX, XXXX stock. SI was at {$230.00} in XX/XX/XXXX and some analysts have issued a {$260.00} target price. 

Bank of America/XXXX produced a wrong and illegal maintenance call without any base or foundation for almost {$80000.00} and after two business days, on XX/XX/XXXX sold XXXX of my positions. This event occurred without complying with the rules and requirements of XXXX XXXX XXXX XXXX. 

The average purchase price of my shares is {$160.00}, but XXXX XXXX sold my shares at {$93.00} per share. This way there is a loss of {$81000.00} on XXXX XXXX shares sold illegally. 

There is second fraud. As I still have XXXX XXXX shares in my account, XXXX XXXX increased the purchase cost of them from {$16000.00} to {$200.00}. This way there is a second loss for {$31000.00} due to illegal change of the purchase price of the rest of my shares. 

The total loss is now {$110000.00}. Bank of America/XXXX XXXX is responsible for all the losses. I did not do anything to sell my shares or to increase the purchase price. 

CONCLUSION The margin call and sale of my shares done by XXXX XXXX has no legal support. It was a mistake with a big economical damage, that must be corrected. 

XXXX must return the shares sold and leave my account in the conditions it was before. If XXXX does not correct this mistake, it means it is committing double fraud. 

I bought my shares in several weeks, so if the intention of XXXX was to sell them, they should have let me know to stop accumulating them. However, I did not receive any caution. 

Last year I had XXXX XXXX shares for around six months. They lost value, but XXXX did not give me any caution or margin call. So, I have been acting the same way this year. XXXX can not create false and illegal margin calls to sell customer shares. 

I have sent letters to Bank of AmericaXXXX for two months ; however, they do not respond to my complaints and do not want to make the respective corrections on my account.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation