September 30, 2005
Pleas of Fraud & Conspiracy for founders in Bayou Group Case
Two key players in the Bayou fiasco are pleading guilty, but there are still many questions as to where the money can be found. In the New York Times here it tells the story of the two founders pleading guilty to fraud and conspiracy counts. Interestingly, the NYTImes reports that they were released until sentencing and given two weeks to come up with bail money. Parts of the sad story, with a suicide note and continual fraud can be found here. This, like so many cases, has no winners.
The USAttorneys Office notes here that the Informations against the defendants "contained criminal forfeiture allegations seeking the forfeiture of $ 450 million." Sentencing is set for January 9, 2006.
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