Monday, 20 October 2014
Last updated 2 hours ago
Dec 22 2011 | 2:22am ET
The two former Bear Stearns hedge fund managers acquitted of criminal fraud charges two years ago have asked a federal judge to junk some of the Securities and Exchange Commission case against them.
Ralph Cioffi and Matthew Tannin in October sought the dismissal of allegations of scheme liability, arguing that they can't be sued over statements they didn't make. The motion, as well as an opposition made by the SEC in November, was made public yesterday.
The civil trial is scheduled to begin on Feb. 13 in Brooklyn, N.Y.
"Despite the complete acquittal of Mr. Cioffi and Mr. Tannin, the SEC has persisted in pursuing this action based on the same underlying facts," lawyers for the former hedge fund managers wrote.
Cioffi and Tannin are accused of misleading investors about the financial health of their two hedge funds, the Bear Stearns High-Grade Structured Credit Fund and a more highly-levered sister fund. Their collapse more than four years ago cost investors some $1.6 billion and contributed to the eventual collapse of Bear itself.
But the two men were acquitted by a jury of criminal charges of conspiracy and fraud in 2009.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...