Two ex-Bear Stearns hedge fund managers acquitted

November 11, 2009

NEW YORK - Two former Bear Stearns hedge fund managers were found not guilty of fraud, a decision that could make government prosecutors less likely to bring criminal charges against Wall Street executives for their role in the financial crisis. The case - the first major prosecution arising from the meltdown of major U.S. financial institutions - was seen as a test of whether a jury, presented with evidence from e-mails and other communications, would convict individuals for corporate collapses. Ralph Cioffi, 53, and Matthew Tannin, 48, were acquitted of all charges of conspiracy, securities fraud and wire fraud. Cioffi and Tannin managed two funds, crammed with subprime mortgage-backed securities, that lost investors $1.6 billion.

- Reuters

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