November 15, 2007
Massachusetts Charges Bear Stearns with Improper Trading with Hedge Funds
Massachusetts regulators have accused Bear Stearns of fraud, charging that it improperly made principal trades for the firm's proprietary account with two hedge funds, without obtaining the approval of the funds' independent directors. Investors lost $1.6 billion when the funds collapsed this summer. Bear Stearns declined to comment. WSJ, Bear Faces First Loss, Fraud Complaint.
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