2 former Bear Stearns fund managers acquitted of fraud

11/11/2009 | Bloomberg Businessweek · Google · Reuters

A federal jury in New York found two former Bear Stearns hedge fund managers not guilty of fraud and related charges in connection with the collapse of two hedge funds. Ralph Cioffi and Matthew Tannin were accused of lying to investors while the funds' values were dropping along with the subprime-mortgage market. "Jurors seem to have found that the government was trying to unfairly hold these defendants responsible for predicting the impending collapse of the economy at a time when even economists were uncertain as to where the world markets were headed," said Robert Mintz, a former federal prosecutor in private practice at McCarter & English.

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