Wednesday, 26 October 2016
Last updated 5 min ago
Jul 3 2008 | 2:54pm ET
Prosecutors are making available to victims more than one-third of the money lost by investors in the Bayou Group fraud.
The U.S. Attorney’s office in Manhattan said that $115,6 million in seized from Bayou and its three principals is available for distribution to its 288 victims. About 75% of that money will be available immediately, with another 25% held in reserve pending a continuing bankruptcy proceeding.
Bayou collected some $450 million from investors, losing roughly $300 million of it.