Former Bear Stearns hedge-fund managers Ralph Cioffi and Matthew Tannin, acquitted in 2009 of criminal charges they misled investors, agreed to pay $1.05 million to settle a related civil case brought by the U.S. Securities and Exchange Commission, according to Bloomberg
Cioffi agreed to pay $800,000 and accept a three-year ban from the securities industry and Tannin agreed to a two-year ban and $250,000 payment, SEC attorney John Worland told U.S. District Judge Frederic Block in Brooklyn, New York, in a hearing today.
If you remember, in November 2009, a federal jury found Cioffi and Tannin not guilty of conspiracy and securities and wire fraud in the first criminal trial stemming from a federal probe of the collapse of the subprime-mortgage market. Cioffi, 56, was portfolio manager for the hedge funds. Tannin, 50, was their chief operating officer. The government said investors lost $1.6 billion.
Read more at http://www.bloomberg.com/news/2012-02-13/ex-bear-stearns-managers-cioffi-tannin-to-pay-1-05-million-in-sec-suit.html
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