Bayou's Israel Gets 20-Year Term for Hedge-Fund Fraud
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Samuel Israel, a co-founder of Connecticut hedge-fund company Bayou Group LLC, was sentenced to 20 years in prison and ordered to forfeit $300 million after pleading guilty to defrauding investors in his now-bankrupt firm.
``I lied to you and I cheated you and I cannot put into words how sorry I am,'' a visibly sweating Israel, 48, told investors as he stood before U.S. District Judge Colleen McMahon. He apologized to his family while defense lawyers sought leniency, noting his nine back operations, painkiller addiction, spinal rod and pacemaker.