Former Bear Stearns Execs Acquitted In Fraud Case

Law360, New York (November 10, 2009, 5:46 PM EST) -- A federal jury has found two former Bear Stearns Cos. Inc. hedge fund managers not guilty of defrauding investors in the failed funds, setting a daunting example for prosecutors in one of the earliest criminal cases stemming from the subprime mortgage meltdown.

The verdict came down Tuesday in the U.S. District Court for the Eastern District of New York, acquitting Ralph Cioffi and Matthew Tannin of all allegations that the pair concealed the parlous condition of the mortgage-linked hedge funds from investors and issued upbeat forecasts...
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