As the real market started to decline, it became more and more difficult to conceal the fraud. The misleading prices at which Bear Steams had valued the Enhanced Fund's portfolio became impossible to justify. The cascading effect of this fraud was not merely a result of the financial problems on Wall Street, but st

tors in connection with the Enhanced Fund offered a detailed description of its investment strategy and the associated risks. According to the PPM, the Enhanced Fund's "primary objective (was] to seek high current income and capital appreciation relative to LIBOR" by investing "synthetically in the Master Fund gen