Another Hedge Fund Fraud

With all the news about the $50B hedge fund fraud by Madoff ( Prominent Trader Accused of Defrauding Clients ) I was wondering about the old Bayou Hedge Fund Group a few months back with similar problems. Seems it was run by a good old New Orleans boy, Samuel Israel III. He only stole $500M or so, faked his own death and got caught: Fund Manager Who Faked His Suicide Surrenders.