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Bear Stearns Settles SEC Action
Bear Stearns has agreed to pay a $5 million fine and $20 million in restitution to customers of the now defunct brokerage firm A. R. Baron.
Bear Stearns cleared or processed trades for the firm. The SEC has alleged that Bear Stearns knew, or was reckless or negligent in not discovering, the frauds that A. R. Baron perpetrated on its customers. Details of the settlement are being negotiated.
Source: Wall Street Journal, June 29, 1999
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