A pair of Bear Stearns execs have been arrested. The Feds will charge them and make them face criminal charges as the subprime market falls into a debacle.
Matthew Tannin was arrested when authorities confronted him at his home in New Jersey and Ralph Cioffi was apprehended at his New York City home. This took place on Thursday morning according to FBI reports.
Elsewhere, The U.S. attorney’s office was set to bringother serious charges later Thursday.
Prosecutors in Brooklyn will most likely make details available to the press later. The case against the two Bear Stearns managers is connected and intertwined with the hedge funds which fell into peril in 2007.
These men have attorneys and so should you if you’re arrested. Call a Nassau County Criminal Attorney so that your rights are protected and your case is handled professionally.
These and other indictments are a result of a lengthy investigation into the reports of fraud in the industry. A Bear Stearns spokesman said that the firm will have more to say when the actual charges are brought.
Barclays accused Bear Stearns of knowing for months that certain assets in the Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage Master Fund were worth “far less” than their stated values.
The firm of Stephen Bilkis & Associates with six convenient locations in the Metropolitan Area including Baldwin, Nassau County can be of invaluable assistance to you if you find yourself a defendant in a criminal action. Facing charges without professional representation could lead to disasterous results.