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From the Associated Press
A co-founder of the collapsed Bayou hedge funds admitted in federal court in White Plains, N.Y., on Thursday that he conspired to defraud investors of more than $10 million, prosecutors said.
U.S. Atty. Michael Garcia said that James C. Marquez pleaded guilty to conspiracy to defraud and that he could be sentenced to as many as five years in prison.
The government claims that the Bayou scandal cost investors as much as $450 million.
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