February 14, 2012 |
MONDAY, FEBRUARY 13, 2012 LAST UPDATED: MONDAY FEBRUARY 13, 2012, 6:09 PM BY HUGH R. MORLEY STAFF WRITER THE RECORD
The former Tenafly resident who used to live on Tenafly’s East Hill & Bear Sterns executive, Ralph Cioffi who was acquitted in a 2009 of securities fraud and conspiracy related to the hedge funds that were managed by him while at Bear Sterns is about to a enter a proposed settlement of civil charges.
Details of the proposed settlement are yet to be approved by the US district Court in Brooklyn . Arguments for the settlement case are to be submitted by the defendant and the government attorneys by February 21 . The SEC’s suit accused Cioffi and Tannin of deceiving investors about the riskiness of the two funds, which heavily invested in subprime securities. Read the entire report on northjersey.com