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Statement of United States Attorney Benton J. Campbell Concerning the Verdict in United States V. Ralph Cioffi and Matthew Tannin

November 10, 2009

Of course, we are disappointed by the outcome in this case, but the jurors have spoken, and we accept their verdict.

Honesty and integrity are the principles upon which our financial markets function. Enforcing and protecting those principles will continue to be one of the principal efforts of this Office.

I want to take this opportunity to thank the jury for its service and to congratulate the government’s trial team of Assistant United States Attorneys Ilene Jaroslaw, James McGovern, Patrick Sinclair and Special Assistant United States Attorney Brian Sano; Jay McMahon, Supervisor of the U.S. Attorney’s Office Business/Securities Fraud Section; and Paralegal Specialist Jo-Ann Karsohn for the extraordinary job they did in investigating and prosecuting this case. I also want to extend my deep appreciation to the Federal Bureau of Investigation, New York Field Office, and the United States Securities & Exchange Commission for their most helpful assistance and cooperation.

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