Bayou CFO Pleads Guilty

Daniel Marino, the chief financial officer at Bayou Group, pleaded guilty on Thursday in connection with a $300 million hedge fund scandal. He pled guilty to one count of conspiracy and charges of wire and mail fraud. Bayou apologized to the court and said that he was sorry in more ways than he could express. According to investigators, Bayou began defrauding investors in 1998, barely a year after it opened for business. The fraud included understating losses, overstating gains, and reporting the false results to investors. The charade went on for over six years before it was detailed by Marino in a note that was intended to be a suicide note. That note is believed to be what led to the fraud investigation.