NEWSLETTER
RSS
MOBILE
HELP
SHARE
Bayou Fraud Claims Another Man
Saying nothing can cost a lot. Matthew Marino is about to find out how much.
Marino is a lawyer and the brother of Daniel Marino, the chief financial officer of the Bayou Group hedge fund, which collapsed in scandal in 2005. Daniel Marino and C.E.O. Samuel Israel III admitted their fraud shortly thereafter and were sentenced to long terms in federal prison earlier this year.
Turns out that Matthew Marino helped his brother conceal the fraud. Prosecutors say that he helped set up and run the phony auditing firm Bayou used to persuade investors that their money was safe. He also helped to hide the fraud from lawyers representing Israel's ex-wife in a divorce proceeding.
Marino acknowledged his guilt yesterday before U.S. Magistrate Judge Lisa Margaret Smith in federal court in White Plains, New York. She is scheduled to sentence him on December 4.
Marino faces as much as three years in prison, a fine of $250,000, and the prospect of being on the hook to return as much as $300 million to investors.
by Mark Stein
- What Do Bush and Castro Have In Common?
- Dec 4 2008 12:26PM EST
- Finally, Drama! A Geithner vs. Bair Clash?
- Dec 4 2008 10:58AM EST
- Inauguration Invitation: Priceless? Not Really
- Dec 3 2008 5:04PM EST
- WSJ.com: Monster.com for Bankers?
- Dec 3 2008 3:33PM EST
- Screaming Booyah! at the SEC
- Dec 3 2008 11:12AM EST
- C.E.O. Pimp My Ride
- Dec 2 2008 3:20PM EST
- Over the Top on Deflation
- Dec 2 2008 12:20PM EST
- Cuban Strikes Out Without Swinging
- Dec 2 2008 10:54AM EST
- This Just In: Times Are Tough
- Dec 1 2008 4:23PM EST
- Huffington Post Is Worth How Much???
- Dec 1 2008 12:26PM EST
- First Photoshopped Love Handles, Now This
- Dec 1 2008 11:31AM EST
- His 401-Koz Keeps Growing
- Nov 26 2008 9:00PM EST
- Slim Pickings? Or Great Timing?
- Nov 26 2008 1:46PM EST
- Who's the Grinch in This Story?
- Nov 26 2008 8:57AM EST
- When $1 Buys More Than $100 Million
- Nov 25 2008 5:45PM EST
Archive
Mobile