Bear Stearns Managers: Cioffi, Tannin Found Not Guilty
Former Bear Stearns managers Ralph Cioffi and Matthew Tannin were found not guilty on charges they lied to investors who lost $1.6 billion in two failed hedge funds in the summer of 2007. The jury deliberated less than a day before reaching its verdict.
As reported Nov. 10 by Bloomberg, the Cioffi/Tannin trial is the first criminal trial to result from the government’s probe into the collapse of the housing market. That event is said to have cost investors nearly $400 billion and trigger a global breakdown of the world’s financial markets.
Cioffi and Tannin faced as many as 20 years in prison on charges of conspiracy, securities fraud and wire fraud.
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