{"id":7530,"date":"2008-04-15T00:00:00","date_gmt":"2008-04-15T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"former-hedge-fund-manager-receives-20-year-sentence","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/04\/2008\/former-hedge-fund-manager-receives-20-year-sentence.html","title":{"rendered":"Former hedge fund manager receives 20 year sentence"},"content":{"rendered":"<div><span class=\"Apple-style-span\">West Palm Beach (HedgeCo.Net) &#8211; Samuel Israel III, the former hedge fund manager for the Bayou Group, has been sentenced to 20 years in prison, one of the longest terms ever given to a white-collar criminal.<br \/><\/span><\/div>\n<div><\/div>\n<div><span class=\"Apple-style-span\">Israel pleaaded guilty in September 2005 to fraud and conspiracy after him and his partner, Daniel Marino, conned investors out of over $450 million.&nbsp; <br \/><\/span><\/div>\n<div><span class=\"Apple-style-span\">According to the original claims by the SEC, from 1996 to 2005, the two men grossly exagerated the fund&#8217;s performance, when in fact, the funds had never posted a year-end profit.&nbsp; <br \/><\/span><\/div>\n<div><\/div>\n<div><span class=\"Apple-style-span\">Israel and Marino also forged audited financial statements to hide the trading losses, as well as set up a ficticious accounting firm that they used to fabricate annual &quot;independent&quot; audits to back up their pretend numbers.&nbsp;&nbsp;&nbsp; <br \/><\/span><\/div>\n<div><span class=\"Apple-style-span\">U.S. District Judge Colleen McMahon could have given Israel 30 years in prison.&nbsp; However, his cooperation with the U.S. government during the investigation knocked 10 years off the maximum sentence.&nbsp; Marino also received 10 years for his role in the scam.&nbsp; The two will pay $300 million in restitution.&nbsp;&nbsp;&nbsp; <br \/><\/span><\/div>\n<div><\/div>\n<div><\/div>\n<div><span class=\"Apple-style-span\">Julie Scuderi<br \/>Senior Editor for HedgeCo.Net<br \/>Email: <a href=\"mailto:julie@hedgeco.net\">julie@hedgeco.net<\/a> <\/span><\/div>\n<div \/>\n<div \/>\n<div><span class=\"Apple-style-span\">HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on <a href=\"..\/news\/04\/news\/04\/news\/01\/\" target=\"_self\">www.hedgeco.net<\/a> is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!<br \/>Be sure to check out our sister sites. For more information, visit <a href=\"http:\/\/www.hedgeconetworks.com\/\" target=\"_self\">www.hedgeconetworks.com<\/a><\/span><\/div>\n","protected":false},"excerpt":{"rendered":"<p>West Palm Beach (HedgeCo.Net) &#8211; Samuel Israel III, the former hedge fund manager for the Bayou Group, has been sentenced to 20 years in prison, one of the longest terms ever given to a white-collar criminal. Israel pleaaded guilty in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-7530","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/7530","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=7530"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/7530\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=7530"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=7530"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=7530"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}