Bayou Hedge Fund Group
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The Bayou Hedge Fund Group was a group of companies and hedge funds founded by Samuel Israel III in 1996. Approximately $450m was raised by the group from investors. It is alleged investors were defrauded right from the start with funds being misappropriated for personal use. It is also alleged that after poor returns in 1998 the investors were lied to about the fund's returns and a fake accounting firm was setup to provide misleading audited results. [1]
In 2005 Israel and CFO Daniel Marino pleaded guilty to multiple charges including conspiracy and fraud.
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