|
|
Bear Stearn’s Ex-Official Stiffly Fined Over Clearing Role Debacle
Former Bear Stearn’s senior executive Richard Harriton agreed to pay a fine of $1 million and be barred from the securities business for at least two years. He still may face criminal charges.
Harriton was in charge of Bear Stearn’s clearing role functions with respect to the infamous brokerage firm A.R. Baron & Com., now defunct.
Harriton and Bear Stearns, the SEC has alleged, expanded their role in the clearing function to include approving and disapproving trades, providing working capital, and preventing A.R. Baron from reversing certain unauthorized trades. For its role, last August Bear Stearns agreed to pay $38.5 million to settle civil and criminal charges that it contributed to A.R. Baron’s securities fraud.
Bear Stearns continues to maintain clearing relationships with other brokerage firms.
Source: Wall Street Journal, April 21, 2000
|
About Us
|
News
|
Alerts
|
Articles
|
Caveat Emptor
|
SNSFE News
|
Research
|
Calendar
|
Contact
Register
|
Free Opinion
Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
investors nationwide in arbitration, litigation and regulatory matters, and a shareholder with the law firm
Shaheen, Novoselsky, Staat, Filipowski & Eccleston
P.C.(www.snsfe-law.com). This Web site contains material
of general interest. It is neither intended to, nor constitutes, either legal advice or investment advice.
Always consult an attorney and/or investment advisor when building and protecting your wealth.
All content Copyright © 2005-2007 FinancialCounsel.com, Inc. except where noted. All rights reserved.
20 North Wacker Drive, Suite 2900, Chicago, Illinois 60606
Telephone: 312-621-4400 | Fax: 312-621-0268
|
|
|
|
