Here is the link to the news story: http://www.sec.gov/news/press/2006-38.htm

On March 16, 2006, the SEC announced the enforcement action it plans to take against the companies: Bear, Stearns and Co and Bear, Stearns Securities Corp. Bear Stearns is being charged with securities fraud due to late insider trading of mutual funds by it's customers and new brokers. Bear has to pay a significant amount in fees for it's actions, and it is being forced to meet compliance standards within the company.

SEC rule 10b5-1 says that a person my be subject to insider trading if transactions take place when the trader is aware of information not known to the public...and then the trader makes a decision to trade based on the inside information she has received.