Posted by
MaryWW on Friday, June 20, 2008 8:44:44 AM
NEW YORK — In the first criminal case to
target Wall Street figures associated with the subprime mortgage
meltdown, prosecutors have accused two former Bear Stearns hedge fund
managers of conspiracy and fraud.
In a federal indictment unsealed Thursday in
Brooklyn, prosecutors alleged that Ralph Cioffi, 52, and Matthew
Tannin, 46, deceived high-end investors in two Bear Stearns hedge funds
that were heavily weighted with subprime mortgages.