Bear Stearns

The Securities and Exchange Commission and the New York Stock Exchange filed charges against the investment bank alleging illegal late trading. From 1999 through September 2003, Bear Stearns allegedly provided technology, advice and deceptive devices that enabled some customers and brokers to late trade and to evade detection by mutual funds. Preferred brokers and hedge funds were allowed to make trades long after the 4 p.m. cut-off and some customers were allowed to cancel unprofitable trades the next day. Bear Stearns has been ordered to pay $250 million to settle charges of illegal mutual fund trading. (Mar-16-06) [CNN MONEY]

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