Two former Bear Stearns hedge fund managers accused of misleading investors were found innocent of all charges on Tuesday, marking a blow to the first big effort by US prosecutors to bring a criminal case related to the subprime mortgage crisis. Ralph Cioffi and Matthew Tannin, who ran two investment vehicles that collapsed in 2007, were cleared of all charges by a federal court jury. Cioffi, also accused of secretly reducing his stake in one of the funds by $2m, was cleared of an insider-trading charge.