FBI Arrests Two Former Bear Stearns Hedge Fund Managers
June 19th, 2008Just two?
Via: WNBC:
FBI agents have arrested two former Bear Stearns hedge fund managers, sources familiar with the case said.
Former Bear Stearns managers Ralph Cioffi Jr. and Matthew Tannin are charged in connection with allegations they misled investors as the two hedge funds they helped run collapsed amid the subprime mortgage meltdown.
The two are scheduled to be arraigned later Thursday in Brooklyn federal court, sources said.
Investigators had been looking, in part, into statements the two men made assuring investors the hedge fund was in solid financial shape just before the funds lost more than $1.5 billion in value.
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Just two?
Designated “fall guys”, no doubt, though probably not voluntarily so.