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Ralph Cioffi and Matthew Tannin
Year made public: 2008
Estimated Losses: $1.6 billion
Bear Stearns hedge fund managers Cioffi and Tannin allegedly lied to investors about the health of their funds, which were heavily backed by subprime mortgages. The funds were struggling, but their alleged falsehoods lured further investment, according to the federal indictment. The funds buckled in June 2008, costing investors $1.6 billion. Cioffi and Tannin were both charged with conspiracy and fraud; both pleaded not guilty and are awaiting trial.
