First they were arrested. Now they’ve been charged.
Pictures via Bloomberg:
And the indictment itself:
UNITED STATES DISTRICT COURT EASTERN DISTRICT OF NEW YORK UNITED STATES OF AMERICA
- against Tannin, Matthew Cioffi, Ralph
- – - – - – - – - – - – - – - – x FILED THE G m D JURY CHARGES: IN CLERK’S OFFICE U.S. DISTRICT COURT E.D.N.Y. INTRODUCTION * JUN 1 8 2008 * BROOKLYN OFFICE
…
Plenty of salacious detail:
24. Starting at least by March 2007, CIOFFI, TANNIN and others believed that the Funds were in grave condition and at risk of collapse. Rather than disclosing the true state of the Funds to investors and lenders, thus allowing an orderly wind-down of the Funds, CIOFFI and TANNIN agreed to make misrepresentations in 8 the ultimately futile hope that the Funds’ bleak prospects would change and that their incomes and reputations would remain intact. On June 9, 2007, when the Funds’ collapse was imminent, CIOFFI stated that, “[ilf I can't [turn the Funds around] I’ve effectively washed a 30 year career down the drain.”
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