In an SEC filing made on Monday, US investment bank, Bear Stearns revealed that it may be facing civil action from the securities regulator over its alleged facilitation of market timing and late trading activity by hedge funds.
In addition, the Securities and Exchange Commission is seeking to punish individuals within the company, and has reportedly served Wells Notices on three former Bear Stearns brokers, and on senior managing director Peter Murphy.
The investment bank revealed that it is cooperating with the SEC probe, and with other, more general, investigations of the US mutual fund industry.
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