NEW YORK A federal judge has “reluctantly” approved U.S. Securities and Exchange Commission settlements with Ralph Cioffi and Matthew Tannin, two former Bear Stearns hedge fund managers accused of helping to usher in the “Great Recession.”
U.S. District Judge Frederic Block agreed on June 18 to sign consent judgments to resolve civil claims that the SEC brought in June 2008 against Cioffi and Tannin, who managed two Bear Stearns hedge funds that lost a combined $1.6 billion in 2007.
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