Bear Stearns hedge fund managers found not guilty

The managers became the centre of a scandal in June 2007, when their funds collapsed after making huge bets on the US sub-prime mortgage market. Ralph Cioffi and Matthew Tannin were yesterday cleared of charges, including conspiracy and securities fraud, relating to the downfall of their funds. The hedge funds were among the first to be hit by the sub-prime mortgage crisis, which eventually evolved into a full financial crisis in 2008. Investors lost funds worth around $1.6bn. Cioffi and Tannin are among the first company executives to face trial over their role in the financial c...