Bear Stearns hit with $125m penalty

Bear Stearns has been ordered to repay at least $125.1 million to collapsed hedge fund Manhattan Investment Fund for failing to report alleged fraud that could have cost investors up to $400 million. The bank delayed for a year reporting the hedge fund's overstating of its accounts. In August 1999, the fund's net value was stated at more than $426 million, but in reality it was worth less than $28 million, according to the Securities and Exchange Commission. The hedge fund collapsed in 2000,

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