Brokerage Fined Over Late Fund Trading ; Bear Stearns Is Hit with $250m Penalty
The Record, Bergen County, NJ › March 17, 2006
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Summary
NEW YORK Bear Stearns Cos. on Thursday became the third brokerage in as many days to post record first-quarter earnings and revenues, but the good news was overshadowed by old problems: illegal market timing practices that bilked mutual fund investors out of millions.
The New York Stock Exchange and the U.S. Securities and Exchange Commission announced Thursday that they fined Bear Stearns $250 million nearly half of its profits for the first quarter for illegally helping hedge funds and other customers trade mutual fund shares. It was the biggest settlement ever reached by the NYSE's regulatory arm.See the full content of this document
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Brokerage Fined Over Late Fund Trading ; Bear Stearns Is Hit with $250m Penalty
Bear Stearns settled the case without admitting or denying the charges. The company will pay $90 million in fines and relinquish $160 million in profits and interest, and the entire $250 million will go back to invest...
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