Bear Stearns Cos. has been fined $250 million by the New York Stock Exchange and the Securities and Exchange Commission for fraudulent market timing and late trading of mutual funds, regulators said Thursday.

The announcement came just as Bear Stearns reported record first-quarter earnings, the third Wall Street brokerage to do so this week, as profits rose 36.6 percent on strong equity trading and a jump in investment banking fees.

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