Bear Stearns fined how much?

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Mar 16, 2006 4:35 pm

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

2006-38



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.



Joedog

Mar 16, 2006 9:09 pm

thats a big fine...must be because they deliberately cut corners to allow for illegal activity...blatant about it.

Mar 17, 2006 9:55 am

kool-aid persons,


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?????

Mar 17, 2006 9:59 am

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.

Mar 17, 2006 5:34 pm

Unless it's EDJ in the news noone here cares if other firms are fined.