The Bloomberg news service has reported that US securities firm, Bear Stearns is currently checking e-mails sent and received by 109 of its employees in order to determine whether executives working at its brokerage operation approved improper mutual fund trades, such as market timing or late trading transactions.
A year ago, Bear Stearns announced that it was facing a regulatory probe, and this year revealed that the Securities and Exchange Commission (SEC) had warned it of potential sanctions for improper trading under the auspices of a wide-ranging review and overhaul of the US mutual fund industry.
According to the Bloomberg report, the SEC has not yet publicly accused Bear Stearns of any wrongdoing. However, it has asked for statements from Steve Dantus and Vincent Dicks, who oversee the firm's private-client brokerage operation.
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