Proceedings in the first criminal case involving Wall Street bankers' behavior during the credit crunch opened in Brooklyn, N.Y. Wednesday, where former Bear Stearns hedge-fund managers were accused of defrauding investors and lying "over and over again" to steal $1.6 billion. "These two defendants lied to their investors to save their multimillion-dollar bonuses," the prosecutor said. "In the United States of America, that is a crime. It's a serious crime and it's called securities fraud." The men, Ralph Cioffi and Matthew Tannin, profess innocence. Their crashing funds ultimately contributed to the collapse of the 85-year-old brokerage firm.
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