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Former Bear Hedge Fund Managers May Face More Charges
July 21, 2008
Two indicted former Bear Stearns hedge fund managers may face new charges, prosecutors said Friday.
The investigation into the collapse of Bear’s High-Grade Structured Credit Fund and a riskier, more highly levered sister fund, is continuing, Assistant U.S. Attorney Patrick Sinclair said in court, and that could lead to further charges against Ralph Cioffi and Matthew Tannin. Any new charges would by filed by the early fall, he added.
Cioffi and Tannin were arrested and charged last month with conspiracy and securities fraud for allegedly misleading investors in the two funds, which collapsed last summer, costing investors $1.5 billion. Tannin faces up to 20 years in prison if convicted, while Cioffi, who was also charged with insider trading, faces up to 40 years. Both men pleaded not guilty and are currently free on bail.
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