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Tag Archives: Bear Stearns

Ex-Bear fund managers not guilty of subprime fraud

Former Bear Stearns Cos. hedge-fund managers Ralph Cioffi and Matthew Tannin were found not guilty of misleading investors who lost $1.6 billion, the first major test of a U.S. effort to obtain convictions tied to the subprime mortgage crisis and ...

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Bear Stearns funds were ‘heavily’ subprime, jury told

Bear Stearns Cos. hedge funds managed by Ralph Cioffi and Matthew Tannin had 10 times more exposure to subprime-related securities than investors were led to believe, jurors were told in the fraud trial of the two men. Prosecutors displayed brochures ...

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Bear manager Cioffi redeemed $2 million from his fund

Bear Stearns Cos.’s Ralph Cioffi moved $2 million out of a hedge fund he managed into another one that was performing well in March 2007, less than four months before his funds failed, a former employee testified. Ken Mak, a ...

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Bear Stearns fund judge to weigh conflict

A judge scheduled a hearing on whether a lawyer for Matthew Tannin, a former Bear Stearns Cos. hedge fund manager accused of fraud, has a conflict of interest that disqualifies her from participating in the case. Prosecutors asked U.S. District Judge ...

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Former bank officer to spend year in prison, pay $25 million restitution

Former president of First Bank Mortgage Mark Turkcan was sentenced to one year and one day in prison for the misapplication of $35 million. A federal judge also ordered him to pay restitution of nearly $25 million. Turkcan, 54, pleaded ...

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Former bank officer pleads guilty to fund misapplication

A former president of First Bank Mortgage has pleaded guilty to misapplication of funds, causing a loss to the mortgage company of $35 million, U.S. Attorney Catherine Hanaway announced. Mark Turkcan’s problems began when, as an employee for Sheahan Financial ...

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