SEC Charges Former Bayou Group Execs With Fraud

Law360, New York (October 7, 2005, 12:00 AM EDT) -- The Securities and Exchange Commission has filed a lawsuit against the former executives of the Bayou Group hedge fund, alleging that the Samuel Israel III and Daniel Marino lost and stole hundreds of millions of dollars in investments.

According to the complaint, “from at least 1998 to July 31, 2005 … the defendants employed devices, schemes, or artifices to defraud; obtained money or property by means of untrue statements of material fact or omissions to state material facts necessary in order to make the statements made,...
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