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Not So Fast Ralph Cioffi

We are now one step closer to hearing Ralph Cioffi swear that he will tell the truth, the whole truth, and nothing but the truth. Cioffi lost his bid to dismiss insider trader charges after he failed to convince a judge that he had no fiduciary duty to clients when he allegedly cashed out of funds he managed using non-public information before one of them collapsed. Ralphie ran away with $2 million from the subprime-laden Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage Master Fund Ltd and Bear Stearns High- Grade Structured Credit Strategies Master Fund Ltd back in 2007 before other investors learned the hard way that CDOs packed with the loans of people who didn't understand what the term repayment meant aren't always a safe bet.