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Monday, August 29, 2005

Wall Street Journal: Westport Man in Hedge Fund Fraud Probe

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Today’s Wall Street Journal reports that a Westport man is one of the principals involved in a Stamford-based hedge fund now the subject of a fraud investigation by federal and state officials that may involve hundreds of millions of dollars.WestportNow.com Image
261 Bayberry Lane: for sale sign outside. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

The newspaper said Daniel Marino, chief financial officer of Bayou Management LLC, lives in Westport and earlier this month a visitor to his office found a six-page letter on his desk that began, “This is my suicide note and confession.”

The letter asserted that Marino, along with Bayou founder Samuel Israel III and a former partner named James Marquez, had “defrauded all these investors” from “about 1998 to now,” according to Sgt. Gary Perna of the Stamford Police Department, the report said.

The Journal quoted the police officer as saying he tracked down Marino and took him to a hospital for psychiatric evaluation. Reached by telephone over the weekend, Mr. Marino sounded weary and referred a reporter to his attorney, who declined to comment, the Journal said.

Marino’s letter is now a key exhibit in a widening probe by federal and Connecticut law-enforcement agencies of what investigators believe may be a fraud involving hundreds of millions of dollar, the newspaper said.

Bayou claimed it had $440 million in assets earlier this year, and at one point last year put the figure at more than $500 million, according to the report.

The Journal, quoting a person familiar with Marino�s Westport home, said it is a 7,300-square-foot house with a pool on two acres with a gated driveway.

A federal election finance report showed Marino contributed $2,000 to President Bush’s campaign in 2004 and listed 261 Bayberry Lane, Westport, as his address.

Posted 08/29/05 at 09:57 AM

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Daniel Marino had 3 cars on Westport’s 10/1/2004 grand list:
2004 Audi 8 valued at $68,500,
2004 Bentley valued at $139,400, and
2004 Ferrari valuied at $163,750.

Posted by Garson F Heller Jr on September 02, 2005 at 03:37 PM | #
 

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