Bear Stearns Manager Not Guilty
Published / Last Updated on 10/11/2009
Bear Stearns Manager Not Guilty
by Ashley Clark, Director
Two British, former Bear Stearns hedge fund managers have been found not guilty in the USA on fraud charges.
Two hedge funds collapsed following high risk investments being made in the “sub-prime” mortgage loans mortgage market.
The two ex fund managers, Cioffi and Tannin, were accused of fraud in an effort to protect bonuses even though their investments funds were plunging in value. The hedge fund collapse cost investors an estimated £1bn.
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