U.S. indicts Bear Stearns hedge fund managers

Fri Jun 20, 2008

The former managers of two Bear Stearns hedge funds have been indicted on criminal charges of securities fraud related to the funds’ collapse, which cost investors about $1.6 billion.

The two managers, Ralph Cioffi and Matthew Tannin, were charged on June 18 with nine counts of securities, mail and wire fraud in connection with their oversight of the Bear Stearns High Grade Structured Credit Strategies fund and Bear Stearns High Grade Structured Credit Strategies Enhanced fund. Both portfolios imploded in June 2007 as the market fell apart for subprime mortgage securities, wiping out nearly all...

ISSN: 2151-1845 / CDC10004H

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