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Charity Says It Was Bayou Fund Victim
Think the well-publicized travails of the Bayou hedge fund only matter to a bunch of jet-setters who should've known better? Think again.
The Jewish Federation of Metropolitan Chicago, a major Chicago-area philanthropic organization, claims in a lawsuit that it lost $4 million on an investment it made last year in the onetime $400 million Connecticut-based hedge fund.
The Jewish organization, in a lawsuit filed Friday in federal court in Connecticut, accuses Bayou and hedge fund manager Samuel Israel III of crafting a scheme to "fraudulently convert and misappropriate'' its money. Bayou is currently being investigated for fraud by state and federal authorities. ...
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