Westchester, NY – The co-founder of the Bayou Fund hedge fund pleaded guilty to conspiring to defraud investors of more than $10 million and faces up to five years in prison.
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James G. Marquez, 58, who helped start Bayou Fund LLC and Bayou Fund Ltd., also faces fines, restitution of $6.25 million and forfeiture of any gains he got through his crimes, according to U.S. Attorney Michael Garcia's office.
Marquez, admitted that he and co-founder Samuel Israel III, from Mount Kisco, NY who was the chief executive officer of Bayou, got investors to contribute more than $10 million to the funds by getting them to believe the funds were making money when they were in fact losing money. He also worked with Israel and Marino to make up phony financial statements and to send those statements to Bayou investors.
Hedge funds control about $1.3 trillion in assets.
who?
many rabbis. THey will be well compensated for their time and chizuk. Don’t you know, shtenderbend, what makes the world tick?????????????
A gonif is a gonif.
Falsifying financial statements to con your friends into giving you money is a modern version of the old-fashioned thief.
Now let’s see who visits them in jail.