The government-securities market, a freewheeling, $200 billion-a-day bazaar in which federal notes and bonds are traded, was rocked last week by the failure of its second dealer in a month. Bevill, Bresler & Schulman Asset Management, a small New Jersey-based firm, filed for bankruptcy under Chapter 11 after admitting that it could not meet some $140 million in debts to its customers, including about 45 savings and loan associations. The Securities and Exchange Commission sued Bevill, Bresler for fraud, charging that the firm secretly drained its customers' investments to make up for heavy trading losses. The failure comes in the wake...
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