Here’s %category%-related post from
Business on HuffingtonPost.com:
Former Bear Stearns hedge fund managers Ralph Cioffi and Matthew Tannin were acquitted of a host of fraud and insider trading charges today, according to Reuters . Last year, Cioffi and Tannin were charged with insider trading, securities fraud, wire fraud and conspiracy after authorities charged that the two executives misled investors about the well-being of two Bear Stearns hedge funds. The case, which was heard in Brooklyn, New York’s District Court was widely watched as a litmus test for future fraud cases involving financial executives and the financial crisis. Here’s how the Wall Street Journal summarized the trial last month: The money managers unsuccessfully scrambled to keep two mortgage-heavy Bear Stearns hedge funds afloat in 2007 amid sinking mortgage-market prices, the first of several blows that eventually felled Bear Stearns and marked the start of the credit crisis. J.P. Morgan Chase & Co. bought the firm in a March 2008 fire sale… “This case will be viewed by many as a test of where the boundary lies between acceptable, positive spin and outright fraud,” says David Siegal, a former federal prosecutor who now is a defense lawyer at Haynes & Boone LLP. “Much of the government’s case appears poised to rely on what many previously believed was just spin.” Check back here for more information on the case….
