The Collar

20-Year Sentence for Hedge Fund Cofounder

April 15, 2008 RSS Feed Print

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Bayou Group cofounder Samuel Israel received a 20-year prison sentence and was forced to turn over $300 million for his role in a $400 million fraud case, Bloomberg reports.

From Bloomberg:

Israel's sentence is among the stiffest given to a white-collar offender in the seven years since Enron Corp. collapsed. Others included former WorldCom Inc. Chairman Bernard Ebbers, who received 25 years for fraud, and former Enron Chief Executive Officer Jeffrey Skilling, who got a 24-year sentence.

Full story here.

Tags:: hedge funds,; prison sentences

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The Collar

Luke Mullins is an associate editor at U.S. News, covering banking, real estate, and white-collar crime. He came to the magazine from the American Banker, a financial services daily newspaper, after a stint in the Peace Corps in West Africa and 18 months coaching baseball in the Dominican Republic. Mullins earned a master's degree in journalism from Syracuse University in 2005 and now lives in Washington, D.C., where he grew up. He has written about white-collar criminals for the American magazine, and his work was included in 20 Something Essays by 20 Something Writers: The Best New Voices of 2006, a Random House anthology that appeared on the Boston Globe's bestseller list.