On Tuesday afternoon, a jury in Federal District Court in Brooklyn concluded that former Bear Stearns hedge fund managers Ralph Cioffi and Matthew Tannin did not lie to investors when they presented an upbeat assessment of their hedge funds even as the the funds they managed were plummeting in value.
Cioffi was also found not guilty of insider trading charges. He was accused of having pulled $2 million he had invested in one of the failing hedge funds and reallocating to another less risky fund even as he was telling investors he was adding to his position.
For more coverage, please see Bear Stearns Managers Acquitted of Fraud Charges
See also:
Behind Bear’s fall
Life on the Inside
Federal prosecutors continue dismemberment of Bear Stearns’ remains
