The trial of two former Bear Stearns hedge fund managers accused of fraud is drawing to a close, with closing arguments in the case scheduled to begin tomorrow.

Defense attorneys for Ralph Cioffi and Matthew Tannin rested their cases in Brooklyn, N.Y., federal court yesterday. The two men, who are accused of misleading investors in their two hedge funds, did not take the stand in their own defense. The collapse of the High-Grade Structured Credit Fund and a more highly-levered sister fund in 2007 cost investors some $1.6 billion.

Both men have pleaded not guilty. Prosecutors allege that they knew their funds were in trouble but assured investors that nothing was amiss; Cioffi, the funds’ manager, is also charged with insider trading for allegedly moving $2 million of his own assets out of one of the funds before their collapse.

U.S. District Judge Frederic Block said he expects to charge the jury and have deliberations begin on Monday. Tannin, the funds’ chief operating officer, hopes he doesn’t have to wait even that long, asking the judge to find the government’s case against him wanting.

Tannin’s lawyers asked Block to acquit their client, arguing that the prosecution have failed to prove any of the allegations against him.

“With the government’s direct case completed, it is clear that, despite having called nearly 20 witnesses to testify and introducing approximately 150 exhibits, the government has failed to present sufficient evidence from which a rational trier of fact could find that the essential elements of any of the crimes charged have been established beyond a reasonable doubt,” Tannin’s team wrote in court papers filed on Monday.