Bayou hedge funds - interesting what happened to them

[donsu]

http://www.buzzflash.com/mailbag/05/09/mai05269.html

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Subject: Tale of Two Bayous.....

Has anyone noted the irony of Bayou hedge funds going under at the same time as the geographical Gulf Coast version?

By the way, why are American taxpayers PAYING such folks as Frist and DeLay for what they're doing? They should be paying us, with dividends as virtual involuntary shareholders in their skullduggery...

Why even noted (conservative) columnists like Jeff Jacoby are beginning to connect the dots on the machinations of our overzealous government "leaders"...let's hope that the half (actually, less than half in '00 AND '04, the latter because of the chicanery at the "box office") of the American people who put them there wake up by fall '06 in time to take action to save OUR democracy...

Randy
Weymouth, MA
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anybody know anything about the Bayou hedge funds?

does this resemble the stock machinations before 9/11?

[swag]

1. No, this doesn't resemble the allegations of stock machinations pre-9/11

Just another big investment scam that bilked investors of a lot of money. Nothing at all to do with the Hurricane or even Louisiana. The firm was based in Connecticut. Suggest news.google.com for searches on this story.

http://abcnews.go.com/Business/wireStory?id=1169981

WHITE PLAINS, N.Y. Sep 29, 2005 — An executive for a beleaguered hedge fund pleaded guilty to fraud charges Thursday for his role in a scandal that allegedly cost investors millions of dollars.

Daniel Marino, 46, the chief financial officer at the Stamford, Conn.-based Bayou hedge fund, pleaded guilty in federal court in White Plains to charges that included mail fraud, wire fraud, investment adviser fraud, and conspiracy to commit investment adviser fraud.

Prosecutor Margery Feinzig said Marino helped make it appear that Bayou was earning profits on trading when it was not, and created "fictitious" quarterly and annual reports.

"At the end of '98, we all agreed to set up an accounting firm that would give the appearance of an independent auditor," Marino admitted in court.

The conspiracy and investment fraud counts each carry a maximum of five years in prison. The maximum punishment for the mail and wire fraud is 20 years, but Marino would serve considerably less time under federal sentencing guidelines.

. . . more

[donsu]

2. thanks much for the info - wonder why they picked the name of Bayou?

nt