A federal jury acquitted two former Bear Stearns hedge fund managers of defrauding investors. Ralph Cioffi and Matthew Tannin were found not guilty on all charges of conspiracy, securities fraud and wire fraud. They were accused of deliberately misleading investors before the financial crisis. "There wasn't enough evidence ... The e-mails went both ways," jury forewoman Jenny McCaughey said. Legal experts said the verdict might make prosecutors more hesitant about bringing charges against Wall Street managers who lost large sums in the financial crisis.
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http://www.reuters.com/article/newsOne/idUSTRE5A94RW20091111
Former Bear Stearns hedge-fund manager Matthew Tannin smiles after being acquitted of fraud charges at U.S. District Court in Brooklyn, November 10, 2009.
A federal jury acquitted two former Bear Stearns hedge fund managers of defrauding investors. Ralph Cioffi and Matthew Tannin were found not guilty on all charges of conspiracy, securities fraud and wire fraud. They were accused of deliberately misleading investors before the financial crisis. "There wasn't enough evidence ... The e-mails went both ways," jury forewoman Jenny McCaughey said. Legal experts said the verdict might make prosecutors more hesitant about bringing charges against Wall Street managers who lost large sums in the financial crisis.
Former Bear Stearns hedge-fund manager Matthew Tannin smiles after being acquitted of fraud charges at U.S. District Court in Brooklyn, November 10, 2009.
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