June 19 (Bloomberg) -- Former Bear Stearns Cos. hedge fund managers Ralph Cioffi and Matthew Tannin, arrested early this morning at their homes in New Jersey and Manhattan, were indicted for conspiracy to commit securities fraud and mail fraud.

The two men were charged with misleading investors about the health of two Bear Stearns hedge funds whose collapse last year ignited the subprime mortgage crisis. Cioffi was also charged with insider trading.

The case is U.S. v. Cioffi, 08-00415, U.S. District Court for the Eastern District of New York (Brooklyn).

To contact the reporters on this story: Patricia Hurtado in U.S. District Court for the Eastern District of New York in Brooklyn at pathurtado@bloomberg.net.

Last Updated: June 19, 2008 12:20 EDT