Tuesday, Jan 22, 2008
How is this any different to what Goldman Sachs did?
CNN Money: Bayou funds co-founder gets 51 months
Bayou funds co-founder James Marquez was sentenced to 51 months in prison for a scheme that deliberately misinformed investors.
The co-founder of several of Bayou Management LLC's hedge funds was sentenced to more than four years in prison Tuesday for a scheme to defraud investors.
U.S. District Judge Colleen McMahon in Manhattan sentenced James G. Marquez, 59 to 51 months in prison, to be followed by two years of supervised release. He also was ordered to pay nearly $6.26 million in restitution.
"I made the terrible choice to take the easy way out when things started going wrong at Bayou," Marquez said. "My actions and inactions directly injured investors of Bayou."
Posted by lvmreader @ 09:45 PM (251 views) Add Comment
2 Comments
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1. drewster said...
How is it different to what Goldman Sachs (and others) did and continue to do? Simple: the big boys protect themselves with armies of lawyers and small print. "The value of your investments may go up as well as down".
2. harold said...
Steal a little and they throw you in jail; steal a lot and they make you a king.
Bob Dylan