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Bear, Stearns & Co.
Over the past five years, Bear Stearns has been investigated multiple times for conspiring with its clients in fraudulent activity. The company, while not admitting guilt, has paid out tens of millions of dollars in settlements to investors who were defrauded by the company's shady clients.
Mutual Fund Scandal: Bear Stearns is currently being investigated by the SEC and the U.S. Attorney's office for its involvement in the mutual funds scandal. The charges? Improper mutual fund trading and conspiring with hedge funds to allow for improper mutual fund trading on their part.
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A.R. Baron: Bear Stearns helped its clearing client, A.R. Baron, defraud investors of $75 million. The SEC uncovered illegal trades and stock manipulation, and fined Bear Stearns $35 million, and its president at time, Richard Harriton, $1 million.
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SEC uncovers widespread wrongdoing at Bear Stearns clearing corp. |
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