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Non-Tech : Auric Goldfinger's Short List -- Ignore unavailable to you. Want to Upgrade?

To: Arthur_Porcari who wrote (2798)	8/5/1999 3:22:00 PM
From: Sir Auric Goldfinger	Read Replies (3) \| Respond to of 19428

Porker, those buyins were Canuck, not moi. You and your crook friends are toast, the above market buyin shist is just about done: "Bear Stearns Reaches Settlement In Clearing-House Fraud Case Dow Jones Newswires NEW YORK -- Federal regulators and prosecutors Thursday reached a long-awaited settlement with Bear Stearns Cos. over the firm's role in clearing, or processing trades, for the now-defunct A.R. Baron & Co., which was accused of defrauding investors. Bear Stearns said it will pay a total of about $38 million in the accords without admitting or denying wrongdoing, and that Richard Harriton will step down as its longtime clearing chief. The Securities and Exchange Commission on Thursday charged Mr. Harriton with securities-law violations in the Baron matter -- charges that people familiar with the matter say Mr. Harriton plans to fight. Bear Stearns said Mr. Harriton will be replaced by his deputy, Richard Lindsey, a former SEC official, and Michael Minikes, the firm's treasurer. Clearing firms execute trades, maintain client records and send out confirmations of trades of small brokerage firms, or "introducing brokers." The business is one of the most lucrative on Wall Street, with profit margins running as high as 25%. The tasks are largely administrative; costly compliance duties, such as investigating customer complaints, traditionally have been left to the introducing firms. The settlements follow investigations by the SEC and New York officials over the role of Bear Stearns in processing trades for the now-defunct A.R. Baron. Investors have alleged in lawsuits and arbitration proceedings that Bear Stearns knew or should have known about Baron's investment frauds but looked the other way, enabling Baron to continue. A. R. Baron and 13 of its former executives and employees pleaded guilty to or have been convicted of criminal charges. A.R. Baron was previously charged by the Manhattan District Attorney's office with defrauding investors of $75 million, in part by conducting unauthorized trading. Regulators shut down the firm in 1996. Bear Stearns neither admitted nor denied any wrongdoing in settling the case. The company will pay a $5 million fine to the SEC and $30 million to a restitution fund for A.R. Baron investors. It also agreed to pay $3.5 million to New York state and city agencies for investigation costs. The company said it doesn't expect the settlements to affect its financial results."