NYSE Reverses $75K Fine Against Ex-Bear Broker

Law360, New York (July 9, 2008, 12:00 AM EDT) -- The board of directors of NYSE Regulation Inc. has reversed a 2007 ruling that found former Bear Stearns Cos. trader William Redfern had failed to provide important customer information to his employer, vacating the various penalties imposed against Redfern, including a $75,000 fine.

The NYSE announced the hearing panel’s decision on Wednesday, clearing Redfern of allegations that he had violated NYSE Rule 405 “by failing to communicate to his firm information about unusual or suspicious transactions in a customer’s account that were indicative of money laundering.”...
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