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1/22/2008
Bayou Financial Co-Founder Gets Four Years on Fraud Charges
Bayou Financial Co-Founder Gets Four Years on Fraud Charges
James Marquez, co-founder of Bayou Financial, plead guilty in December of 2006 to participation in the $400 million fraud arising from his former firm (Marquez left Bayou in 2001).
Sentenced just this week, Marquez, in addition to spending a little over four years in prison and another two years under supervised release, Marquez is expected to pay over $6 million in restitution.
Two other former Bayou executives, Sam Israel and Daniel Marino have also plead guilty in relation to the fraud.
For further details on the Marquez sentencing, check out CNNMoney.
--MDT
Sentenced just this week, Marquez, in addition to spending a little over four years in prison and another two years under supervised release, Marquez is expected to pay over $6 million in restitution.
Two other former Bayou executives, Sam Israel and Daniel Marino have also plead guilty in relation to the fraud.
For further details on the Marquez sentencing, check out CNNMoney.
--MDT
Labels: Bayou Group, Daniel Marino, Fraud, hedge fund, James Marquez, Sam Israel
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