Daniel Marino, former CFO of now-defunct hedge fund Bayou Group LLC, was sentenced on Tuesday to 20 years in prison by US District Judge Colleen McMahon in Manhattan. Marino and Bayou Group founder Samuel Israel III had pleaded guilty to conspiracy, wire fraud and investment advisor fraud in September 2005, about a month after the firm collapsed; prosecutors said investors were defrauded of more than $400 million. Marino was ordered to prison immediately; Israel is still awaiting sentencing. Financial Times has the story here.
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