Bank of America stopped the strategy in 2012. However, from 2009 to 2012, it completed billions of dollars' worth of such trades, the Journal said.
At times, the trades reduced the amount the bank had in lockup accounts by as much as $5 billion out of a total of up to about $20 billion in lockup, Wall Street Journal reported citing its sources.
The SEC is also evaluating the accuracy of the bank's prior statements to the agency, the report said.
SEC spokesman Kevin Callahan declined to comment. Bank of America's spokesperson was not immediately available for comment.