Bear Stearns Official Exits Amid Probe: Report

Law360, New York (December 19, 2007, 12:00 AM EST) -- The manager of two Bear Stearns Cos. hedge funds that were forced to declare bankruptcy after becoming caught up in the subprime disaster has allegedly left his position at the financial giant as regulators investigate whether he illegally withdrew money from the funds prior to their collapse.

On Wednesday, Bloomberg reported that Ralph Cioffi had parted ways with Bear Stearns only a day after the Wall Street Journal broke news that both the U.S. attorney office in Brooklyn and the U.S. Securities and Exchange Commission were...
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