Bank Of America Accuses Fired Employee Of Stealing Information Night Before Firing

Bank of America just filed a lawsuit against Rao Chalasani for stealing 21confidential files the day before he was to be fired.

The bank says Merrill Lynch VP Chalasani e-mailed the files to himself the night before the company was to announce it was firing 400 people.

Apparently Chalasani was told on the night of September 20 that he would be fired the next day, and that he was being considered for a job within another department, but he might not get the job.

The bank has record of his sending himself an email containing the 21 files at 9:32 p.m. He sent the email from his work account to a personal account.

From Bloomberg:

He stole profit-and-loss figures, current securities trading positions and company risk assessments, and documents titled: “Consolidated_Balance_Sheet.xls,” “RDM_Stress_Scenarios.pdf” and “Global_Credit_Summary_.xls.”

“It appears that defendant stole key documents from the company with the intent of causing harm to Bank of America’s business and reputation,” the bank said.

So he allegedly stole financial information about BAC.

If true was he preparing to blackmail the company? Or trade on insider knowledge? We’re curious.

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