Sunday, 31 August 2014
Last updated 1 day ago
Jan 22 2008 | 12:43pm ET
Bayou Group co-founder James Marquez has been sentenced to more than four years in prison for his role in the hedge fund fraud.
Marquez, who pleaded guilty to defrauding investors of more than $10 million in December 2006, received a 51-month sentence from U.S. District Judge Colleen McMahon in New York today.
He admitted that Stamford, Conn.-based Bayou, which collapsed in 2005, hid consistent losses from investors from 1996 until 2001.
McMahon rejected a plea for leniency based on Marquez's bipolar disorder.
"He led for four years a secret life of criminal deceit," McMahon said. "I will not excuse the defendant's behavior as aberrant."
Marquez, who told the court he was "genuinely sorry," was also ordered to pay $6.2 million in restitution.
His co-conspirators, co-founder Samuel Israel and CFO Daniel Marino, pleaded guilty to swindling investors to the tune of as much as $450 million soon after Bayou collapsed, and cooperated with investigators. Marino, who faces as much as 50 years in prison, will be sentenced next week; Israel, who could earn up to 30 years in the clink, faces a judge next month.
McMahon offered a preview of those hearings, saying that Israel and Marino would be held accountable for their roles in the "massive Ponzi scheme" which she called "as reprehensible as any in the storied history of securities fraud."
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...