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Nov 10, 2009, 20:32 GMT

Former Bear Stearns fund managers found not guilty

New York - Two former hedge fund managers at US investment powerhouse Bear Stearns have been found not guilty of securities fraud, US media reported Tuesday in one of the first verdicts on the devastating financial crisis that engulfed the world economy. Matthew Tannin and Ralph Cioffi presided over two hedge funds that collapsed in the summer of 2007, which was one of many factors that led to Bear Stearns' spectacular bankruptcy in March 2008 and the onset of the credit crisis. Tannin and Cioffi were charged with lying to investors about the perilous state of their hedge funds. They are the only two managers that have been charged so far with securities fraud in relation to the Wall Street turmoil.

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