CHICAGO (HedgeWorld.com)–Two more executives at Bear Stearns & Co. Inc. disclosed Monday that the Securities and Exchange Commission is conducting investigations into their involvement in improper mutual fund trading.
Ronald A. Suber, senior managing director and manager of global clearing sales in Bear Stearns’ San Francisco office, and Russel L. Miron, a managing director in Bear Stearns’ Chicago office, both disclosed in filings with the NASD that they have been notified by SEC staff that the commission is considering taking action against them for “matters related to certain mutual fund trading practices.”
In the filings, both men denied any wrongdoing. Neither returned calls seeking comment by press time.
The disclosures are the latest in a growing number of connections being made between Bear Stearns and the mutual fund market timing scandal. Last year, the SEC disclosed that it might file civil charges related to an inquiry into Bear Stearns’ role in helping clear mutual fund market-timing trades conducted by Canary Capital Partners LLC, Secaucus, N.J..