Ex-Bear Stearns hedge fund managers Ralph Cioffi and Matthew Tannin were arrested over their hedge funds collapse related to the sub prime mortgage crisis. Ralph Cioffi and Matthew Tannin, two former Bear Stearns employees, had better find a good defense lawyer because they were arrested at their homes this morning ahead of being formally charged for misleading investors and were charged with mortgage and wire fraud. The indictment also said Ralph Cioffi and Matthew Tannin concealed the hedge fund problems from senior managers at Bear Stearns. The funds’ managers, Ralph R.Cioffi Jr. and Matthew M. Tannin, told investors that the funds were in good shape just weeks before the funds collapsed.
Ralph Cioffi is expected to turn himself into the FBI this morning and Matthew Tannin will likely be arrested, officials close to the investigation said. They are the highest level Wall Street executives to be charged in connection with the sub-prime credit crisis collapse. Their criminal defense attorney’s are likely to plead not guilty and take this to trial.
Matthew Tannin and Ralph Cioffi are two former hedge-fund managers for Bear Stearns that are expected to be arrested today. Supposedly, these two men knew their fund was bogus. This is the first criminal charges made in the sub-prime credit crisis. Their attorney says the two are innocent.
We’ll see how this plays out because it could be huge for wall street and the market in general and could cause legal issues for Bear Sterns. The people affected by the sub-prime mortgage fallout would probably start filing lawsuits against these hedge fund companies and there would be pandemonium.
Look for more info on Matthew Tannin, Ralph Cioffi and Bear Stearns to come.
Update: The FBI has called this sting operation “Operation Malicious Mortgage” and so far over 400 arrests have been made across the country. Operations Malicious Mortgage is a great name for thier sting operation because these people knew exactly what they were doing and homeowners are paying the price, as are all property owners.
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[...] Matthew Tannin, Ralph Cioffi and Bear StearnsRalph Cioffi and Matthew Tannin say they are innocent. EDNY prosecutors are expected to hold a news conference today and it is likely to be the big day for the expected criminal indictment of these two ex-Bear Stearns fund managers. … [...]
I really doubt Ralph Cioffi and Matthew Tannin are innocent.
What Matthew Tannin and Ralph Cioffi need is a good defense lawyer. A good trial attorney can be the difference in going a Federal PMITA prison or a country club prison with conjugal visits. Finding the right criminal defense attorney can be difficult. It is important that if you ever find yourself in a situation like the one facing Matthew Tannin and Ralph Cioffi that you can find a criminal defense lawyer who will look out for your rights. Should you face federal crimes like these former Bear Sterns employees face then you will need a good federal criminal defense lawyer. One place you could check for a criminal defense attorneys would be the National Association of Criminal Defense Lawyers. You will really want to get the best criminal defense lawyer you can get. Sometimes a state association of criminal defense lawyers can help you out too. An attorney familiar with a felony defense is an important consideration. Remember criminal attorneys are there to help you defend yourself against the power of the state so take advantage of the services provided by criminal trial attorneys. A good felony lawyer can keep you out of prison.
That is some really good feedback on criminal defense lawyers. I agree that Matthew Tannin and Ralph Cioffi need a good defense lawyer. I should have brought that up in the post. When I was writing the article all I could think about was how bad the economy was and how people got screwed. I guess I should have paid more attention to the big picture and what the criminals themselves might be looking for n their search for information about defense attorneys. I know that if I ever committed mortgage fraud, I would definitely want a good criminal defense attorney and a lawyer that would defend me in court.
Sure am glad I am not the shoes of Matthew Tannin and Ralph Cioffi, I surely could not afford the high priced lawyer they are going to need to get them out of this mess. Legal trouble is never cheap but they need the best lawyer money can buy.
Though I honestly hope they get a crappy lawyer and both end up doing time. White collar crime needs to be stop being a joke and punishment should be harsh.
The last thing these guys deserve is a good defense lawyer but with all the money they made defrauding people, they will probably get off with an apology from the government. Bear Sterns will probably provide a good white collar criminal defense attorney for them. I agree that they should do time for thise.
This is ridiculous. The government is just looking for a scapegoat they can blame their economic troubles on, instead of blaming the Bush Administration’s faulty economic policies.
I feel bad for Matthew Tannin and Ralf Cioffi, because not only is it very hard to fight the government in court, but because the cause is so large, some DA is going to try more than their hardest to get them convicted to make a name for themselves politically.
