Feds To Indict Bear Stearns Hedge Funders For Fraud

Charlie Gasparino, CNBC: Two Bear Stearns hedge fund managers are expected to be indicted for securities fraud later today in connection with a fund tied to the subprime lending market, CNBC has learned.

The U.S. Attorney’s Office for the Eastern District of New York has signaled the move to Edward Little, an attorney for Ralph Cioffi, who ran the two Bear Stearns hedge funds that imploded and signaled the start of the subprime crisis.

Little told CNBC the indictment of Cioffi and his partner in running the fund, Matthew Tannin, is likely to happen sometime today and be announced Thursday morning.

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