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Preet Bharara: Bayou Hedge Fund Victims Awarded Over $31 Million

Preet Bharara describes insider trading charges against Joseph "Chip" Skowron during a news conference in New YorkNew York (HedgeCo.Net) – The Southern District of New York has awarded $31,788,917.44 in proceeds from forfeited assets to victims of the fraud committed at the Bayou hedge funds. The forfeited assets include approximately $2 million seized from a bank account in Singapore and $1 million seized from a bank account in the UK.

This brings the total value of the forfeited assets distributed to Bayou fraud victims to over $128 million.

“We are dedicated to using forfeiture to compensate victims for their losses whenever possible.” Preet Bharara, the United States Attorney for the Southern District of New York said, ‘This return of money to Bayou fraud victims underscores the power and flexibility of forfeiture as a tool to help victims of major financial crimes. It also demonstrates our commitment to working with foreign governments to pursue and seize criminal proceeds that are transferred into offshore accounts.”

The Bayou Hedge Fund Group was a group of companies and hedge funds founded by Samuel Israel III in 1996. Approximately $450m was raised by the group from investors.

Alex Akesson
Editor for HedgeCo.net
alex@hedgeco.net
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