New York (HedgeCo.Net) – While the aftermath of the collapsed Bayou hedge fund may have left investors with nothing more than shock, the U.S. Marshals are trying to recoup some of the losses that were suffered. By selling Bayou’s failed investments, they are recovering some $115 million from the fund that once squandered over $300 million.
"You can’t believe some of the stupid investments these people made,” said Leonard Briskman, Deputy Chief for Business Management for the U.S. Marshals in an interview with Bloomberg. “The Bayou guys lost money during the late ’90s when almost everybody was making money in the market without even trying.”
Briskman is in charge of heading Bayou’s liquidation sale, in what has become a much more prominent role for the Marshals service with the rise of white collar crimes.
Investments aren’t the only thing being liquidated, however. U.S. District Judge Colleen McMahon ordered Israel to turn over his scooter and RV, the same vehicles that aided in his escape the day he was supposed to report to prison to start serving his 20 year sentence.
Also up for bid is the Tiffany & Co. watch that Israel was wearing. These things will help go towards the $150 million in restitution that he has been ordered to pay.
The U.S. Marshals Service is currently running a portfolio estimated at $1.7 billion that include 30 businesses.
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