BSAM managers indicted for fraud


Ralph Cioffi and Matthew Tannin, former New York-based portfolio managers of two crashed hedge funds run by Bear Stearns Asset Management (BSAM), were indicted on fraud and conspiracy charges in the US on June 19. Both were charged with conspiracy, securities fraud and wire fraud, while Cioffi faces an additional charge of insider trading. On the same day, the US Securities and Exchange Commission (SEC) filed a separate suit against them for securities fraud. The pair were arrested and bailed

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