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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (48204)	3/16/2006 1:05:52 PM
From: Bucky Katt	Read Replies (2) \| Respond to of 116555

NYSE, SEC Fine Bear Stearns $250 Million> Bear Stearns Posts Record Earnings, Is Fined $250 Million by NYSE, SEC for Fraudulent Market Timing NEW YORK (AP) -- Bear Stearns Cos. has been fined $250 million by the New York Stock Exchange and the Securities and Exchange Commission for fraudulent market timing and late trading of mutual funds, regulators said Thursday. The announcement, which finalizes an agreement reached in December, came just as Bear Stearns reported record first-quarter earnings, the third Wall Street brokerage to do so this week, as profits rose 36.6 percent on strong equity trading and a jump in investment banking fees. According to NYSE Regulation, the exchange's regulatory arm, Bear Stearns engaged in a pattern of deceptive market timing and late trading of fund shares from 1999 through 2003. The trades were designed to take advantage of the time between the markets' closing and the new share values posted by mutual fund companies. Bear Stearns settled the case without admitting or denying the charges. The company will pay $90 million in fines and relinquish $160 million in profits and interest. Bear Stearns had first disclosed the pending settlement and fine in December, and said the settlement will not hurt its earnings.