A Securities and Exchange Commission settlement reached with New York-based brokerage firm Brean Murray & Co. sheds light on federal laws that securities firm Bear Stearns violated when it helped brokers at Brean Murray make illegal after-hours mutual fund trades, Bloomberg News reports.

As part of the settlement, Brean Murray last week agreed to pay $150,000 for allegedly being party to the violations by an unnamed clearing firm. People familiar with the decision told Bloomberg that firm was Bear Stearns.

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.