Ralph Cioffi

Categories: Current Events | Suspects | Arrests | Fraud | Business News

- Born: ca. 1956
- Arrested: June 19, 2008
- Charges: Conspiracy and securities fraudWNBC: Cioffi, Tannin Indictment (June 18, 2008)
- Alleged nature of crime: Misrepresenting health of funds he managed
- Founder and senior portfolio manager of High Grade Structured Credit Strategies Master Fund Ltd. and High Grade Structured Credit Strategies Enhanced Master Fund Ltd.WNBC: Cioffi, Tannin Indictment (June 18, 2008)
- Cioffi was Matthew Tannin's superior at Bear StearnsWNBC: Cioffi, Tannin Indictment (June 18, 2008)

Ralph Cioffi is a former Bear Stearns hedge fund manager. In June, 2008, Cioffi, along with former co-worker Matthew Tannin, were arrested by federal authorities in conjunction with their alleged involvement in the 2007 collapse of hedge funds under their control. The action was part of a Justice Department sweep dubbed "Operation Malicious Mortgage."
Cioffi's Alleged Crimes

According to an indictment filed in federal court, Cioffi allegedly withheld information about the health of two large hedge funds of which he was the founder and senior portfolio manager. Authorities allege that Cioffi knew that the funds were in danger of collapsing but concealed the risk of their imminent demise from investors.WNBC: Cioffi, Tannin Indictment (June 18, 2008)
Operation Malicious Mortgage

The federal government's crackdown on those alleged to have been involved in mortgage fraud went beyond the immediate scope of the mortgage industry. Through Bear Stearns, Cioffi and Tannin are alleged to have misled their investors about the subprime mortgage market.MSNBC: Video: Ex-Bear Stearns Execs Arrested (June 19, 2008) The pair were among the most high-profile of the 400 suspects arrested in the sweep.

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