Bear Stearns is investigating whether top executives in its private-client brokerage unit approved improper mutual fund trades, Bloomberg News reports.

According to internal documents, Bear Stearns is examining e-mails from 109 of its employees, including several firm executives. Included in that group are the heads of the private client group, Steve Dantus, 48, and Vincent Dicks, 43. Furthermore, the New York Stock Exchange has asked the duo for statements.

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