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Acquitted Bear Pair Still Have SEC To Deal With

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It seems we will have Ralph Cioffi and Matthew Tannin to kick around for a while longer. The two men may have escaped the long arm of the law, winning an acquittal on fraud and insider-trading charges earlier this week, but the SEC isn't discouraged.
The regulator will proceed with its own case against the two former Bear Stearns hedge fund managers, SEC Enforcement Chief Robert Khuzami said. And why not? "We filed a case based on the evidence from our own investigation," Khuzami noted, politely failing to mention the cock-up of an investigation run by the U.S. Attorney's office. There's also the "different standard of proof" for a civil trial, under which even the incompetent prosecutors could probably win a conviction. And finally, there are those incompetent prosecutors, lighting the way to failure.
"We will study the transcript and events at trial," Khuzami said, then mumbling, "and do the exact opposite."
US SEC expects to proceed with Bear Stearns case [Reuters]


(Brown Harris Stevens)

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