Defendant Name:
Bear, Stearns & Co. Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Bear Stearns Companies, Inc.
SIC Code:
6211
CUSIP:
07390210
Initial Case Details
Legal Case Name
In the Matter of Bear, Stearns & Co., Inc. and Bear, Stearns Securities Corp.
First Document Date
16-Mar-2006
Initial Filing Format
Administrative Action
File Number
3-12238
Allegation Type
Broker Dealer
Violations Alleged
•
Sec 17(a) (Not specified)
•
Rules 17a-3(a)(6),15c1-2 Exchange Act; Rule 22c-1(a) Investment Company Act
Additionally,
Bear, Stearns Securities Corp. is alleged to have SHOULD NOT BE DISPLAYED Bear, Stearns & Co. Inc.'s violation of Sec 17(a) (Not specified) of the Securities Act.
Bear, Stearns Securities Corp. is alleged to have SHOULD NOT BE DISPLAYED Bear, Stearns & Co. Inc.'s violation of Rules 17a-3(a)(6), 15c1-2 Exchange Act; Rule 22c-1(a) Investment Company Act.
Related Violations Alleged
Resolutions
First Resolution Date
16-Mar-2006
Headline Total Penalty and Disgorgement
$250,000,000
Related Documents:
33-8668
16-Mar-2006
Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order Pursuant to Section 8a of the Securities Act of 1933, Sections 15(B) and 21c of the Securities Exchange Act of 1934, and Sections 9(B) and 9(F) of the Investment Company Act of 1940
According to the SEC: "This case involves two types of illegal mutual fund trading practices: Late trading and deceptive market timing. The Respondents are BS&Co., an introducing broker-dealer whose customers buy and sell securities, and BSSC, a clearing firm that clears trades for BS&Co., other introducing brokers and prime brokerage customers. Between 1999 and 2003, Respondents facilitated a substantial amount of late trading and deceptive market timing."
34-59065
08-Dec-2008
Administrative Proceeding
Notice of Proposed Distribution Plan and Opportunity for Comment
The Commission stated: "Notice is hereby given . . . that the Division of Enforcement
has submitted to the Commission a proposed plan for the distribution of the
Fair Fund in this matter."
Proposed Plan of Distribution
The Commission stated: "This Plan of Distribution ("Plan" or "Distribution Plan") proposes a methodology for distributing to investors $250 million (plus accumulated interest net of tax liabilities) paid by Bear, Stems & Co., Inc. ("BS&Co.") and Bear, Stearns Securities Corp. ("BSSC") (collectively, "Respondents") in settlement of administrative proceedings concerning findings of late trading and deceptive market timing practices in the trading of mutual funds."
34-59356
04-Feb-2009
Administrative Proceeding
Order Approving Distribution Plan, Appointing a Fund Administrator, and Waiving Bond
The Commission stated: "IT IS ORDERED that . . . the Distribution Plan is approved; . . . Rust Consulting, Inc., is appointed as the Fund Administrator; and The bond requirement . . . is waived for good cause shown."
Modified Plan of Distribution
The Commission stated: "This Plan of Distribution ("Plan" or "Distribution Plan") proposes a methodology for distributing to investors $250 million (plus accumulated interest net of tax liabilities) paid by Bear, Stems & Co., Inc. ("BS&Co.") and Bear, Stearns Securities Corp. ("BSSC") (collectively, "Respondents") in settlement of administrative proceedings concerning findings of late trading and deceptive market timing practices in the trading of mutual funds."
Plan of Distribution
The Commission stated: "This Plan of Distribution ("Plan" or "Distribution Plan") proposes a methodology for distributing to investors $250 million (plus accumulated interest net of tax liabilities) paid by Bear, Stems & Co., Inc. ("BS&Co.") and Bear, Stearns Securities Corp. ("BSSC") (collectively, "Respondents") in settlement of administrative proceedings concerning findings of late trading and deceptive market timing practices in the trading of mutual funds."
34-59828
28-Apr-2009
Administrative Proceeding
Order Directing Disbursement of Fair Fund
The Commission stated: "[T]he Commission staff shall transfer $216,819,719.80 of the Fair Fund to the Escrow Bank and the Fund Administrator shall distribute such monies to investors, as provided for in the Plan of Distribution."
2009-112
15-May-2009
Press Release--Administrative Proceeding
SEC Announces First Distribution from $267 Million Bear Stearns Fund
The SEC "announced the start of a $267 million Fair Fund
distribution to mutual funds and mutual fund shareholders who were
harmed by late trading and market timing that occurred through Bear
Stearns, which was charged by the SEC in a 2006 enforcement action."
34-60049
05-Jun-2009
Administrative Proceeding
Order Directing Disbursement of Fair Fund
The Commission stated: "it is ORDERED that the Commission staff shall transfer $13,219,172.76 of the Fair Fund to the escrow account established in connection with the New York Attorney General Office's Deutsche Investment Management Americas, Inc. distribution fund in order to distribute such monies to mutual fund shareholders, as provided for in the Plan."
34-60310
15-Jul-2009
Administrative Proceeding
Order Directing Disbursement of Fair Fund
The Commission stated: "it is ORDERED that the Commission staff shall transfer $14,711,842.46 of the Fair Fund to the escrow bank and the Fund Administrator shall distribute such monies as provided for in the Plan of Distribution."
34-80543
27-Apr-2017
Administrative Proceeding
Order Authorizing the Transfer to the U.S. Treasury of the Remaining Funds and Any Funds Returned to the Fair Fund in the Future, Discharging the Fund Administrator, and Terminating the Fair Fund
According to the SEC: "The remaining Fair Fund balance of $13,173,574.58, and any funds returned to the Fair Fund in the future, shall be transferred to the U.S. Treasury; the Fund Administrator, Rust Consulting, Inc. is discharged; and the Fair Fund is terminated."
Notice of Name Change of Appointed Tax Administrator
On June 30, 2017, the SEC announced a Name Change of Appointed Tax Administrator, and amended the Omnibus Order, beginning June 2017 and for calendar year 2018, to replace all references to Damasco with "Miller Kaplan Arase LLP which acquired Damasco & Associates LLP" in order to reflect Damasco's name change.
Other Defendants in Action:
