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,

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: