The acquittal of two Bear Stearns Cos. hedge-fund managers in a subprime-mortgage fraud case that relied heavily on e-mail evidence may make it more difficult for the government to win related cases based on similar facts.
The loss in the face of allegedly incriminating communications between Ralph Cioffi and Matthew Tannin may prompt prosecutors and regulators to be less aggressive in cases stemming from the handling of subprime investments, as well as hedge fund cases such as those related to Galleon Group, former prosecutors and defense lawyers said. The verdict, returned in nine hours after a monthlong trial, may provide prosecutors of Galleon co-founder Raj Rajaratnam and his alleged confederates with a cautionary lesson, said attorney Bradley Simon.
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