In a filing with the National Association of Securities Dealers, Duncan Goldie-Morrison, the former head of the bank's corporate and investment banking division, said he has "strong reason to believe that his termination was prompted by his increasingly vocal internal criticism."

Goldie-Morrison alleges the bank used "creative accounting" in connection with losses related to a Latin American venture as well as a junk-bond portfolio, but he did not provide specifics, the Wall Street Journal reported.

He also alleges he was "ordered" to make "compulsory donations" to a children's museum in Charlotte, N.C., where the bank is based, as well as political donations.

Goldie-Morrison is seeking $7.3 million in lost stock options and bonuses as well as his donations.

Bank of America spokesman Jeff Hershberger, hadn't seen filing but strongly denied any wrongdoing.

"His allegations have been described to us, and we are confident the company will refute and successfully defend against the allegations," Hershberger told the Journal.