CEO James Cayne

NEW YORK (Reuters) - Two former Bear Stearns hedge fund managers were found not guilty of fraud, a decision that could make government prosecutors less likely to bring criminal charges against Wall Street executives for their role in the financial crisis. The case -- the first major prosecution arising from the meltdown of major U.S. financial institutions -- was seen as a litmus test of whether a jury, presented with evidence from emails between money managers and conference calls with investors, would convict individuals for corporate collapses. Ralph Cioffi, 53, and Matthew Tannin, 48, were acquitted of all charges on the second day of ... Read Full Story

Two former Bear Stearns hedge fund managers were acquitted Tuesday in New York of defrauding investors, in a setback for government attempts to punish Wall Street for the 2008 financial meltdown. Ralph Cioffi and Mathew Tannin faced 20 years in prison if found guilty of lying to clients ahead of their hedge funds' collapse in June 2007. However, a jury in Brooklyn federal court cleared the two men who said they were working for sophisticated clients and became victims of financial turmoil beyond any individual's control. The case was seen as an attempt by the government to target the risk-taking culture blamed for last ... Read Full Story

Two former Bear Stearns hedge fund managers were acquitted Tuesday in New York of defrauding investors, in a setback for government attempts to punish Wall Street for the 2008 financial meltdown. Ralph Cioffi and Mathew Tannin faced 20 years in prison if found guilty of lying to clients ahead of their hedge funds' collapse in June 2007. However, a jury in Brooklyn federal court cleared the two men who said they were working for sophisticated clients and became victims of financial turmoil beyond any individual's control. The case was seen as an attempt by the government to target the risk-taking culture blamed for last ... Read Full Story

NEW YORK (Reuters) - The government's allegations of fraud against two former Bear Stearns hedge fund managers were built on "hindsight bias," including emails selected out of context, a defense lawyer told a jury in closing arguments on Friday at their trial in New York. Ralph Cioffi, 53 and Matthew Tannin, 48, have denied charges of securities fraud, wire fraud and conspiracy in a June 2008 indictment that made them the first high-profile Wall Streeters to be criminally charged in a case stemming from problems with subprime mortgage-backed securities in 2007 that fueled the market meltdown. "This is a case that is built on ... Read Full Story

Two former Bear Stearns hedge fund managers were acquitted Tuesday in New York of defrauding investors, in a setback for government attempts to punish Wall Street for the 2008 financial meltdown. Ralph Cioffi and Mathew Tannin faced 20 years in prison if found guilty of lying to clients ahead of their hedge funds' collapse in June 2007. However, a jury in Brooklyn federal court cleared the two men who said they were working for sophisticated clients and became victims of financial turmoil beyond any individual's control. The case was seen as an attempt by the government to target the risk-taking culture blamed for last ... Read Full Story