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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.