13 WTHR IndianapolisEx-Bear Stearns execs pay fines, accept bans

Ex-Bear Stearns execs pay fines, accept bans

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WASHINGTON -

Two former Bear Stearns executives have reached settlements with federal regulators over civil charges they mislead investors about risky mortgage securities when the housing market was collapsing.

The Securities and Exchange Commission said Ralph Cioffi will pay $800,000 and be barred from the industry for three years, and Matthew Tannin will pay $250,000 and be banned for two years. The deal means the pair will avoid a civil trial, which was scheduled to begin Monday in federal court in Brooklyn, N.Y.

Both men are neither admitting nor denying wrongdoing.

During the hearing yesterday, U.S. District Judge Frederic Block, who must approve the settlement, called the fines "chump change."

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