photo: Reuters
Prosecutors revealed new allegations against Ralph Cioffi in an August 18 letter to U.S. District Judge Frederic Block. Reuters reports that according to prosecutors, the former Bear Stearns hedge fund manager, who faces an insider trading and fraud charges, “was ‘repeatedly counseled’ but ‘rarely adhered to guidance by his compliance staff about conflicts of interest involving trades his High Grade Structured Credit Strategies Enhanced Master Fund made with Bear Stearns itself.”
On July 14, Block denied Cioffi’s motion to have the insider trading charge dismissed.
Read the Reuters article.
