Prosecutors in the case against former Bear Stearns hedge fund manager Ralph Cioffi have asked a judge to postpone his ruling on evidence against the defendant. The prosecution said they need more time to examine information that could prove Cioffi improperly collateralized his investment in the fund for a real estate deal in Florida. Cioffi, along with former colleague and hedge fund manager Matthew Tannin, are set to go on trial next month for their alleged fraud. In a written statement, assistant Brooklyn U.S. attorneys Ilene Jaroslaw, James McGovern and Patrick Sinclair said that more time was needed to make a complete account of information available on Cioffi’s alleged impropriety. “The government discovered that, despite Bear Stearns Asset Management’s clear instructions to the contrary, Cioffi actually pledged his investment in the Enhanced Fund as collateral for the Florida construction loan anyway,” the prosecutors said.

With thousands of homes in foreclosure or selling at deep discounts,
South Florida’s brokers and auctioneers have one of the busiest
distressed real estate pipelines in the nation. Nevertheless, some are expanding beyond the Sunshine State to pursue
new opportunities. Scott Coloney is one of them. A broker with RE/MAX
in Fort Lauderdale, Coloney launched his Foreclosure Response Team of
Florida in 2008. He’s expanding his company into Michigan through a
strategic alliance with another RE/MAX agency, taking advantage of the
property value collapse around Detroit and other areas affected by the
state’s industrial slump.
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