Bear Manager "Sold Out" Hedge Fund Before Collapse
Bear Stearns Cos.'s Ralph Cioffi moved $2 million out of a hedge fund he managed into another one that was performing well in March 2007, less than four months before his funds failed, a former employee testified.
Ken Mak, a former Bear Stearns Asset Management product manager, told a federal jury in Brooklyn, New York, today about an e-mail he received. Cioffi asked him to transfer $2 million, a third of the money he held in the Enhanced Fund, or EHGS Fund, to another called the Bear Stearns Structured Risk Partners Fund, or SRP Fund.
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posted by Victor Lloyd Smith @ 6:39 PM
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