Opening statements got under way Wednesday in the closely watched federal trial of two former Bear Stearns hedge-fund managers accused of touting their subprime-mortgage-backed fund even after they believed the market was going to implode. The funds crashed in June 2007, costing investors $1.6 billion.

Defendants Ralph Cioffi and Matthew Tannin “lied over and over again in an attempt to keep their investors in these funds,” Eastern District of New York Assistant U.S. Attorney Patrick Sinclair told the Brooklyn jury during opening arguments.

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