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Criminal Law

: SECLaw.com

Bear Stearns Hedge Fund Managers Not Guilty

By Mark H. Astarita, Esq.

n a stunning defeat for the Justice Department, a federal jury in Brooklyn, N.Y., found two former Bear Stearns hedge fund managers not guilty of fraud charges Tuesday, only a day after jurors received the case.According to The New York Times, the jury found that Matthew Tannin and Ralph Cioffi did not lie to investors in painting a rosy picture of the health of two funds backed by subprime mortgages which later collapsed and cost investors $1.6 billion.The jury also acquitted Cioffi on an additional charge of insider trading, as prosecutors had accused the former portfolio manager of moving $2 million he had invested in one of his failing funds to a less risky fund while telling investors he was adding to his position. More>>>

Full post as published by SECLaw.com on November 11, 2009 (boomark / email).

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