Bayou Fund Boss Gets 20 Years In Prison

Law360, New York (April 14, 2008, 12:00 AM EDT) -- A federal judge sentenced the co-founder of bankrupt hedge fund Bayou Group LLC to 20 years behind bars Monday for his role in a scheme that allegedly defrauded investors out of more than $450 million.

Judge Colleen McMahon of the U.S. District Court for the Southern District of New York also told Samuel Israel III to pay $300 million in restitution and ordered him to report to prison by June 9. When he emerges from prison, Israel will spend three years in supervised release.

Israel pled...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.