Bear Hedge Fund Managers Acquitted of Fraud Charges

Ralph Cioffi and Matthew Tannin, two former Bear Stearns hedge fund managers, were found not guilty of all federal securities fraud charges today in Manhattan.  The government charged that they misled investors by failing to disclose that the funds were declining in value.  In addition, Mr. Cioffi was charged with not disclosing that he was selling off portions of his own investments in the fund.  NYTimes, Bear Stearns Managers Acquitted of Fraud Charges.