- Fed's Kohn Sees No Asset Bubbles Building in US
- Buffett's Berkshire Hathaway Boosts Stake in Wal-Mart
- Time Warner to Spin Off AOL on December 9
- Gates Boosts Waste Management, Coca Cola Stakes
- What's Kept Stock Rally Going? Fear, Not Confidence
- Citi Shares, A Strange Indicator Of Unemployment?
- Millions Could Have to Repay Part of Obama's Tax Credit
- US Cities With Most Underwater Mortgages
- Hollywood Turns to Porn as Unemployment Rises
- Answers to Your Questions: A Path to Economic Disaster?
- 5 Ways to Play the Chinese Markets: Analyst
- Meredith Whitney: Turns Bearish
- 3 Stock Plays on Rising College Costs
- Warren Buffett's Berkshire Hathaway Almost Doubles Wal-Mart Holdings During Summer
- Nov. 16: Unusual Volume Leaders
- Getting to the Heart of the Merck-Abbott Embargo Break
- What MGM's Sale Could Say About Value of Content
- My Ratings on Lowe's & Home Depot: Analyst
MOST SHARED
- Stocks Overvalued, Recession Will Return: Meredith Whitney
- Has Twitter's Finest Hours (Seconds) Come and Gone?
- BofA Ex-Counsel: I Was 'Stunned' When I Got Fired
- U.S. May Wind Up Green With Envy
- CNBC Video: Warren Buffett & Bill Gates - Keeping American Great
- Solar Emerges From A Dark Period
- Stanford Receiver to Release Funds Of Frozen Acounts
- Snoop Dogg Talks Biz
- Millions May Have to Repay Part of Obama Tax Credit
- Oil Tomorrow
Text Size 
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.
Little says Cioffi plans to fight the charges, which will include allegations that he misled investors to stay in the fund at a time when Cioffi knew the subprime market was imploding.
The defense is expected to argue both in court and in the court of public opinion that Cioffi did nothing more than what Dick Fuld and Erin Callen did in promoting Lehman Brothers [LEH
Loading...
()
] - make a case that turned out to be wrong.
Charges from the Securities and Exchange Commission are expected to accompany the indictment.
Cioffi and his attorney told CNBC that they will fight the charges vigorously.
Print
Email
- Where, what, how.
- CNBC's Jim Goldman asks: Has the sun begun to set on Twitter? Data suggests its best days are over.
- Everyone wanted a piece of Madoff's "Bullship"--the famous buoy sold for $7,500 at auction. You won't believe these prices.
- De Loach Vineyards is selling its pinot noir the old fashioned way, helping to cut energy and transportation costs.
- Why are the Chinese concerned about the progress of U.S. health care legislation?
- CNBC's Maria Bartiromo talks to rapper Snoop Dogg about brand identity in both business and music.
Data is a real-time snapshot *Data is delayed at least 15 minutes