{"id":8546,"date":"2008-09-05T00:00:00","date_gmt":"2008-09-05T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"brother-of-bayous-marino-pleads-guilty-to-helping-hide-fraud","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/09\/2008\/brother-of-bayous-marino-pleads-guilty-to-helping-hide-fraud.html","title":{"rendered":"Brother of Bayou&#8217;s Marino Pleads Guilty to Helping Hide Fraud"},"content":{"rendered":"<p>Bloomberg &#8211; The brother of former Bayou Group LLC finance chief Daniel Marino, who is serving 20 years in prison, pleaded guilty to a federal charge that he helped conceal a $400 million fraud at the bankrupt hedge-fund firm.             <\/p>\n<p>Matthew Marino entered his guilty plea yesterday in U.S. District Court in White Plains, New York, federal prosecutors said. Marino faces as long as three years in prison when he&#8217;s sentenced on Dec. 4, according to prosecutors.     <\/p>\n<p>Marino admitted &#8220;that he knew a fraud was being perpetrated on Bayou investors,&#8221; U.S. Attorney Michael Garcia said yesterday in a statement.     <\/p>\n<p>Daniel Marino was sentenced in January to 20 years in prison for defrauding investors. Bayou co-founder Samuel Israel is serving a 20-year prison term.     <\/p>\n<p>Bayou, based in Stamford, Connecticut, was among the biggest hedge-fund firms to come under federal scrutiny for missing money. Bayou filed for bankruptcy in May 2006, prompting lawsuits claiming it operated a Ponzi scheme that paid off old investors with money from new ones.     <\/p>\n<p>Defense attorney Eugene Riccio said yesterday in a phone interview that Matthew Marino pleaded guilty to misprision of a felony for failing to report the crime. Marino faces as long as 27 months in prison under federal sentencing guidelines, Riccio said. He declined to comment further.<\/p>\n<p><a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=newsarchive&#038;sid=ajmlsk7urRzs\" target=\"_self\">Read Complete Article&nbsp;<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bloomberg &#8211; The brother of former Bayou Group LLC finance chief Daniel Marino, who is serving 20 years in prison, pleaded guilty to a federal charge that he helped conceal a $400 million fraud at the bankrupt hedge-fund firm. Matthew [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,4],"tags":[929,2535,2533,2233,2534,2537,765,1544,446,2536,388],"class_list":["post-8546","post","type-post","status-publish","format-standard","hentry","category-hedge-fund-fraud","category-syndicated","tag-asset-manager","tag-auditing-firm","tag-commodity-pool-operators","tag-court-decision","tag-finance-chief","tag-judge-john","tag-levin","tag-mother-and-son","tag-offshore-fund","tag-palm-beach-county","tag-prostitution-ring"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/8546","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=8546"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/8546\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=8546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=8546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=8546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}