Don't blame it on the sunshine, blame it on the Bayou CFO

Reuters reported yesterday that the former chief financial officer of defunct hedge fund Bayou Group was sentenced to 20 years in prison for his role in a scheme that defrauded investors of USD450 million and led to the fund's collapse. The executive, Daniel Marino, pleaded guilty in September 2005 to conspiracy and three counts of fraud. At a hearing in US District Court in Manhattan, Judge Colleen McMahon ordered him to begin serving the prison sentence immediately. The fund's two founders -- Samuel Israel III and James Marquez -- have also pleaded guilty. Marquez was sentenced last week to four years and three months in prison and ordered to pay USD6.25 million in restitution. Israel awaits sentencing.

What a contrast - the founder got four years versus twenty for the CFO.

posted by John Wilson @ 12:52 PM Permanent Link newsvine reddit



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