Cioffi Told Investors Only ‘Couple Million’ Redemptions on Call

Bloomberg – Bear Stearns Cos. hedge fund manager Ralph Cioffi told investors in April 2007 that there had been a “couple of million” dollars in redemptions, days after being told an investor asked to withdraw $57 million.

Evan Kerr, a former managing director of Bear hedge fund sales, testified in federal court that he told Cioffi on April 18, 2007, that his client, Concord Management LLC, a Tarrytown, New York, hedge fund adviser, intended to pull its investment in Cioffi’s funds, after meeting that day with Cioffi and fellow fund manager, Matthew Tannin.

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