Bayou co-founder sentenced to 20 years in prison

14/04/2008 - 17:53

NEW YORK (Reuters) - A judge sentenced the co-founder of the defunct hedge fund Bayou Group to 20 years in prison on Monday for his role in a scheme that cheated investors out of more than $400 million.

Samuel Israel III, 48, pleaded guilty in September 2005 to charges of conspiracy and fraud in connection with bilking Bayou investors out of millions.

The demise of Connecticut-based Bayou rocked the $1.8 trillion hedge fund industry and led to calls for more oversight.

(Reporting by Martha Graybow and Leslie Gevirtz; editing by Jeffrey Benkoe)

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