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Former Bear Stearns hedge fund managers Ralph Cioffi (L) and Matthew Tannin in a combination image.
REUTERS/Chip East
WASHINGTON (Reuters) - U.S. securities regulators intend to proceed with their civil case against two former Bear Stearns fund managers even though they were acquitted of criminal charges earlier this week.
"We filed a case based on the evidence from our investigation. We fully expect to proceed with our case," the Securities and Exchange Commission's enforcement chief Robert Khuzami told Reuters TV on Thursday.
On Tuesday, a New York jury acquitted Ralph Cioffi and Matthew Tannin on all charges of conspiracy, securities fraud and wire fraud. They had managed two hedge funds that were full of subprime mortgage-backed securities and investors lost $1.6 billion when the funds collapsed in mid-2007 at the early stages of the financial crisis.
"We will study the transcript and events at trial, but I fully expect us to continue our case. We have a different standard of proof," he added.
(Reporting by Rachelle Younglai and Sandra Abrams; editing by Andre Grenon)
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