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A jury in Federal District Court in Brooklyn decided Tuesday that the two managers — Ralph R. Cioffi and Matthew M. Tannin — did not lie to investors by presenting an upbeat financial picture without disclosing that the two hedge funds they managed were plummeting in value and that Mr. Cioffi had already pulled some assets from one.
"The case was the first against high-profile Wall Street executives charged with fraud stemming from the financial crisis.
And in many ways, it was a test of whether the government can successfully prosecute financial fraud in an era when complex investments like collateralized loan obligations and subprime mortgages can confuse jurors with little background in finance
a natural person who has individual net worth, or joint net worth with the person’s spouse, that exceeds $1 million at the time of the purchase;
a natural person with income exceeding $200,000 in each of the two most recent years or joint income with a spouse exceeding $300,000 for those years and a reasonable expectation of the same income level in the current year; or
Prosecutors had claimed that the fraud cost 300 investors about $1.6 billion