Former hedge fund managers for the now-defunct Bear Stearns have been acquitted of fraud, according to the U.S. District Court in Brooklyn, New York. Ralph Cioffi and Matthew Tannin were the former managers of two funds that collapsed during the meltdown on Wall Street in the mid-months of 2007, and lost their financial investors a total of $1.6 billion during the collapse. The men were brought up... 

A jury acquitted two former Bear Stearns hedge fund managers of lying to clients about the health of their investments, according to media reports Wednesday. Ralph Cioffi, 53, and Matthew Tannin, a 48-year-old law school graduate, not found not guilty of securities and wire fraud charges. Prosecutors claimed the alleged fraud cost 300 investors about $1.6 billion. The defense argued, however, that...