The New York Stock Exchange announced yesterday that Bear Stearns has been fined $1.5 million in restitutions, for violating rules having to do with index arbitrage trading, and failing to supervise brokerage accounts and improper communication on the part of one of the firm's research analysts, according to MarketWatch.

Apparently, the trading violations happened back in July 2001, October 2002, and once again in May 2003. The firm's records were not up to standard, as they failed to report the trades in a timely fashion.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.