Tuesday, 23 September 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 McKitich, CIO of Petty 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…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.