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Former Bear Stearns fund managers Ralph Cioffi and Matthew Tannin have been found not guilty of securities fraud and all other charges. The two had been indicted following the collapse in mid-2007 of two subprime mortgage funds they ran at the now defunct Wall Street firm.

Cioffi, the portfolio manager for the hedge funds, and Tannin, their chief operating officer, went on trial October 13 in federal court in Brooklyn, New York. Both men were charged with one count of conspiracy to commit securities fraud, two counts of wire fraud and two counts of securities fraud. Cioffi was charged with one count of insider trading.

19 Jun 2008 -

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