Bayou Brother Can't Escape $60M Payout: 2nd Circ.

Law360, New York (August 18, 2011, 6:21 PM EDT) -- In a decision reaffirming the role of independent auditors as public watchdogs, the Second Circuit on Thursday upheld the $60 million restitution order against a former Bayou Group LLC employee for concealing a $500 million Ponzi scheme.

A three-judge panel rejected the appeal of Matthew Marino, brother of Bayou's former Chief Financial Officer Daniel Marino and the only real employee of the fictitious accounting firm Richmond-Fairfield Associates. Bayou executives set up RFA when they could no longer easily hide their fraud from the legitimate accounting firm...
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