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September 03, 2005
Bayou Hedge Fund accused of fraud by investors
After a good amount of harassment and inconvenience, one investor has now filed a formal lawsuit against the Bayou Hedge Fund. Earlier it was reported that the investors had been seeking a response from the hedge fund about withdrawal of funds. The fund had reportedly been functioning quite well and was also delivering appropriate returns. The Fund Manager and founder Samuel Israel III was reputed as a person who believed in staying in constant touch with his investors. His personal problems of a bad marriage and divorce has apparently led to the downfall of the fund.
Add to this there were reports that the fund has been siphoning off money to an overseas account. Recently $101 million were discovered in a bank in Arizona which reportedly belongs to Israel. Samuel Israel III is now being accused of fraud after the formal lawsuit. More investors are contemplating the same. Hedgeco.net reports:
“The investor has reportedly invested $1.5 million in Bayou, and complains that after promises were made by Bayou, about returning such assets, the firm has failed to deliver on such promise.”
Read More: Investor Sues Bayou Hedge Fund’s founder
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