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During the summer of 2007, amid a financial meltdown, two hedge fund managers tried to keep their bond funds from collapsing. According to prosecutors, Bear Stearns fund managers Ralph Cioffi and Matthew Tannin lied to investors about the true value of their sub-prime mortgage funds in order to keep their bonuses. When their hedge funds failed, investors lost $1.6 billion. Now federal prosecutors have charged the former managers with securities fraud, wire fraud and conspiracy. Cioffi is charged with insider trading. WNYC's Lisa Chow will be following the trial and filing reports here.
Listen to Chow's previous coverage below.
October 26- Former Bear Stearns Execs to Testify in Trial.
October 16- Trial of Former Bear Sterns Hedge Fund Managers Continues.
October 15- Former Bear Stearns Employees Accused of Misleading Investors.
October 14- Bear Stearns Jury Selection Begins.