Thursday June 19, 8:18 am ET
By Tom Hays, Associated Press Writer
2 former Bear Stearns managers surrender in collapse of the subprime mortgage market
NEW YORK (AP) -- Federal authorities say two former Bear Stearns managers have surrendered in New York City to face criminal charges in the wake of the collapse of the subprime mortgage market.
Authorities in Brooklyn are expected to give details later Thursday on the case against Ralph Cioffi and Matthew Tanin, who are ex-managers of Bear Stearns Cos. hedge funds that collapsed last year.
Officials have told The Associated Press that the former executives are suspected of misleading investors about the risky subprime mortgage market. They have been the target of the yearlong probe.
Tannin's attorney has declined to comment and Cioffi's attorney has not responded to a phone message.
