New York Post – As they clobbered Bear Stearns with a $250 million fine for market timing, Wall Street regulators warned they would soon be pursuing “current and former” executives of the glitteringNew York investment firm.
Yesterday, Bear also reported a record half-billion dollar profit, in addition to being hit with the big fine from the New York Stock Exchange for helping mutual funds do improper trades after the market had closed.
A 40-page administrative complaint filed jointly by the NYSE and the federal Securities and Exchange Commission described the two-year investigation into Bear Stearns’ clearance and trading activity for hedge funds in unusual detail.
“This isn’t just a regulatory case, this is a fraud case,” an NYSE attorney involved in the investigation told The Post.
