Money market pioneer Bruce Bent was cleared yesterday of civil fraud charges that he misled investors in the early days of the 2008 financial meltdown, a blow to U.S. regulators in one of the few cases accusing individuals on Wall Street of wrongdoing during the crisis, Reuters reported yesterday. A jury rejected all of the charges against Bent following a month-long trial in U.S. District Court in Manhattan. His son, Bruce Bent II, was also cleared of violating civil securities laws but was found liable on one negligence claim. Two entities tied to the Bents also were found liable on some charges. The U.S. Securities and Exchange Commission accused the Bents of lying to investors and fund trustees in attempts to stop a run on their Reserve Fund in September 2008.
