Ex-Bear Stearns Managers To Settle SEC Suit For $1M

Law360, New York (February 13, 2012, 7:59 PM EST) -- Two former Bear Stearns Cos. Inc. hedge fund managers agreed Monday to pay more than $1 million in disgorgement and penalties to tentatively settle a U.S. Securities and Exchange Commission suit after escaping criminal charges alleging the pair lied about the investments of two funds they ran.

Ralph Cioffi and Matthew Tannin agreed to pay $1.05 million to settle the SEC's case years after being found not guilty in 2009 of criminal charges that the pair concealed the parlous condition of the mortgage-linked hedge funds from...
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