Matthew Tannin And Ralph Cioffi - Former Bear Stearns Execs Arrested

by Darren

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Ralph Cioffi and Matthew Tanin, two former hedge fund managers at Bear Stearns have been arrested
on charges of mail fraud and conspiracy to commit securities fraud.

The pair is accused of misleading investors in two funds that first ignited the sub-prime mortgage crisis.

“The arrests are appropriate given the magnitude and the egregiousness of their alleged misconduct and is a gross violation of the public trust.” said attorney Steven Caruso, who is representing investors in arbitration claims against the funds.

Losses in the fraud cases will total $1 billion, according to Justice Department officials.

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