Cioffi Trial Update: Jury Deliberations to Begin in Trial of Bear Stearns Hedge Fund Managers

Reprinted by Wall Street Law Blog
CIOFFI TRIAL SET TO GO TO JURY...Latest Update on Criminal Trial of Former Bear Subprime Hedge Fund Managers Ralph Cioffi and Matthew Tannin
Associated Press News Wire

 November 9, 2009

 

NEW YORK (AP) — The case of two former Bear Stearns hedge fund managers charged with lying to investors is moving into the final stages.

Deliberations were expected to begin Monday at the Brooklyn trial of Ralph Cioffi and Matthew Tannin. They've pleaded not guilty to conspiracy and fraud charges.

It was the first criminal case to hit Wall Street amid the housing market meltdown.

The eventual implosion of the defendants' hedge funds cost 300 investors about $1.6 billion.

The domino effect nearly led to the demise of Bear Stearns itself. The firm barely avoided bankruptcy in a rescue buyout by JPMorgan Chase & Co.