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Ex-Bear Fund Managers Not Guilty of Subprime Fraud

Discussion in 'General Investing Discussion' started by Tropo, 11th Nov, 2009.

  1. Tropo

    Tropo Well-Known Member

    17th Aug, 2005
    Nov. 10 (Bloomberg) -- Former Bear Stearns Cos. hedge-fund managers Ralph Cioffi and Matthew Tannin were found not guilty of misleading investors who lost $1.6 billion, the first major test of a U.S. effort to obtain convictions tied to the subprime mortgage crisis and subsequent recession.
    A jury of eight women and four men deliberated less than a day before reaching a verdict today. Cioffi, 53, the portfolio manager for the hedge funds, and Tannin, 48, their chief operating officer, went on trial Oct. 13 in federal court in Brooklyn, New York, on charges of conspiracy, securities fraud and wire fraud. Each faced as many as 20 years in prison if convicted.
    more... Ex-Bear Fund Managers Not Guilty of Subprime Fraud (Update3) -