Trial begins for former Bear Stearns hedge fund managers

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NEW YORK – The trial of Ralph Cioffi and Matthew Tannin for fraud began on October 13, with the two former Bear Stearns fund managers facing charges over the collapse of two hedge funds in June 2007. The pair, indicted by the federal government in June 2008, deny allegations they misinformed investors about the funds' deteriorating state and causing investor losses of $1.4 billion. Proceedings, held at the federal district court in Brooklyn, are expected to last five to six weeks. Tanni