NYSE Fines Bear Stearns $1.5M For Violations

Law360, New York (February 9, 2006, 12:00 AM EST) -- The New York Stock Exchange has slapped Wall Street powerhouse Bear, Stearns & Co. with a $1.5 million fine for an array of alleged abuses, including numerous trading violations and failure to supervise suspicious brokerage activity.

The Exchange announced the news on Thursday in a press release that detailed the charges facing Bear Stearns.

“These violations, though diverse in nature, all point to a weakness of internal controls,” said Susan L. Merrill, chief of enforcement for the regulatory arm of the NYSE.

“Executives must understand that...
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