Bear Stearns Fund Managers Likely to be Indicted - Law and Regulation * US * News * Story

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Bear Stearns Fund Managers Likely to be Indicted

By: Charlie Gasparino,, On-Air Editor | 19 Jun 2008 | 05:55 AM ET

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The indictment of two Bear Stearns hedge fund managers for securities fraud is expected to be announced later on Thursday in connection with a fund tied to the subprime lending market, CNBC has learned.

The U.S. Attorney's Office for the Eastern District of New York has signaled the move to Edward Little, an attorney for Ralph Cioffi, who ran the two Bear Stearns [BSC.E Loading... () ] hedge funds that imploded and signaled the start of the subprime crisis.

Little told CNBC the indictment of Cioffi and his partner in running the fund, Matthew Tannin, was likely to happen sometime on Wednesday and be announced on Thursday morning.