Former Bear Stearns managers charged with fraud

Two former managers at Bear Stearns have been charged with fraud, relating to two hedge funds that collapsed in June 2007.

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Ralph Cioffi and Matthew Tannin, who managed the funds, were arrested in New York last week. Authorities have alleged the men knew of the funds’ problems but did not disclose them to its investors, who lost around £709m.

The pair pleaded not guilty at a Federal Court hearing. The hedge funds bet on the sub-prime mortgage market in the US before they collapsed.

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