Operation Malicious Mortgage - Matthew Tannin, Ralph Cioffi Arrested
I am seriously impressed with the FBI and the Justice Department right now. Operation Malicious Mortgage is a major sting effort that has led to the arrest of hundreds of people related to the sub-prime mortgage crisis we are seeing all over this country including ex-Bear Stearns Hedge Fund managers Matthew Tannin and Ralph Cioffi.
Since the beginning of March, the FBI has arrested over 400 people in a sting dubbed “Operation Malicious Mortgage.” On just one day, yesterday, sixty people, including real estate players in Chicago, Miami and Houston. Hundreds of people were swept up in these mortgage fraud arrests. Matthew Tannin and Ralph Cioffi were arrested and charged with conspiracy, mortgage fraud and wire fraud and possibly other charges.
Since March 1, a total of 406 people have been arrested in Operation Malicious Mortgage that saw 144 cases across the country. FBI Director Robert Mueller and Deputy Attorney General Mark Filip have announced the national crackdown which has been dubbed Operation Malicious Mortgage, this afternoon in Washington.
The charges against Matthew Tannin and Ralph Cioffi that the FBI have officially stated is lying to their shareholders when the managers knew that their hedge fund was in the toilet. This is fraud plain and simple. This hedge fund was known to make all or most of their big bets on sub prime mortgage related securities. PErsonally, I hope they get locked up for a long, long time. I am feeling their actions in my daily life as are many other people. The credit crisis will continue to get worse and I’m glad to see the FBI and the Justice Department getting so involved with Operation Malicious Mortgage and take such aggressive action.
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Where can I find a list of those arrested? I have a neighbor who was doing bogus mortgage work who should be in jail.