Bear Stearns fined how much?
SEC Settles Fraud Charges with Bear Stearns for Late Trading and Market Timing Violations
Firm To Pay $250 Million in Disgorgement and Penalties
FOR IMMEDIATE RELEASE
Washington, D.C., March 16, 2006 - The Securities and Exchange Commission today announced a settled enforcement action against Bear, Stearns & Co., Inc. (BS&Co.) and Bear, Stearns Securities Corp. (BSSC) (collectively, Bear Stearns), charging Bear Stearns with securities fraud for facilitating unlawful late trading and deceptive market timing of mutual funds by its customers and customers of its introducing brokers. The Commission issued an Order finding that from 1999 through September 2003, Bear Stearns provided technology, advice and deceptive devices that enabled its market timing customers and introducing brokers to late trade and to evade detection by mutual funds.
Why was their fine so much higher than EJs $75M? Maybe the state of California should look at Bear, too.
thats a big fine…must be because they deliberately cut corners to allow for illegal activity…blatant about it.
Yes it is a big fine, but then they are a BIG firm. What did BSSC collectively earn last year? Relatively speaking, BSSC was fined much less than your firm did. Was anyone required to step down as CEO or managing partner?????
What’s the diff. between sticking up a bank or sticking up a 7-11? Both wrong and both will get you in trouble. The perps should ALL go to jail.