Financial Execs Arrested
June 19, 2008
Two former Bear Stearns hedge fund managers were arrested on Thursday for their involvement in the sub-prime mortgage crisis. The FBI arrested Ralph Cioffi and Matthew Tannin at their homes on charges of conspiracy and securities fraud. The two men managed the High Grade Structured Credit Strategies Master Fund and the Enhanced Master Fund at Bear Stearns which were responsible for investing millions in sub-prime mortgages.