by Calculated Risk on 6/19/2008 09:21:00 AM

From NPR: Bear Stearns Hedge Fund Managers Arrested

And on the indictment from the WSJ: Prosecutors in Bear Case Focus In on Email

Fund manager Matthew Tannin emailed his more senior colleague Ralph Cioffi that he feared the market for complex bond securities in which they had invested was "toast." He suggested they discuss the possibility of shutting down the funds, according to the email, which was sent from Mr. Tannin's private account.
...
Four days after the Sunday-morning email, Mr. Tannin told fund investors on a conference call that he was "quite comfortable" with their holdings. Mr. Cioffi used similar language.

This seems a little flimsy for a criminal charge - people do change their minds - and hopefully the indictment will be publicly released today with more details.