Bayou Adviser Guilty Of Tax Fraud

Jul 2 2007 | 9:10am ET

Lest anyone thought that the Bayou Group defrauded only its clients, a former investment adviser for the defunct hedge fund has admitted to swindling the federal government.

Burt Kozloff pleaded guilty to income tax evasion last week in White Plains, N.Y., federal court.

Between 1997 and 2000, Kozloff acknowledged earning some $3.5 million for his work at investment advisory Select Advisors—years during which he failed to file timely returns. He also admitted to misleading his accountant into filing false information with the Internal Revenue Service and lying to the IRS about payments he claimed to have made.

Kozloff will be sentenced on Oct. 1. He faces up to five years in prison and a $250,000 fine.

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