There was no getting around Thursday’s arrests of former Bear Stearns hedge fund managers Ralph Cioffi and Matthew Tannin, says an individual familiar with the case.
Despite pleas and efforts by Cioffi’s and Tannin’s lawyers, federal prosecutors were intent on charging the two with securities fraud. The source familiar with the case says prosecutors insisted on arresting the two, despite assurances from counsel for both men that they would bring them to court. Thursday’s events follow a string of arrests and indictments this week in Chicago, Dallas, Houston, Baltimore, and Sacramento.
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