Head of Bear Stearns Private Clients Faces Possible Charges

Contributing Editor

23 June 2005

Steven Dantus, the head of private client services at Bear Stearns may face possible regulatory charges in connection with a mutual-fund trading investigation, according to reports in the US media. The US Securities and Exchange Commission apparently notified Mr Dantus at the end of last month with a so called “Wells notice” that it may recommend changes against him for “failure to reasonable supervise in connection with matters related to certain mutual funds trading practices”. Mr Dantus apparently denies the charges. Regulators use a Wells notice to warn of possible charges and give individuals a chance to defend themselves. If the charges are enforced, it will represent the most senior private client executive in the US to face charges related to the mutual fund market timing scandal, or other Wall Street-related regulatory crackdowns. WealthBriefing was unable to contact Bear Stearns for comment on the charges.