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November 22, 2008 11:10:42 CST

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Bridge 'Suicide' Ruled Fugitive

Posted Jun 17, 08 3:57 CDT in Business,  Crime & Courts 

(Newser) – A New York hedge fund manager who bilked investors out of $400 million has been declared a fugitive by federal authorities, reports Bloomberg. "Suicide has been ruled out,'' said a spokesman for the US Marshals Service. Samuel Israel disappeared the day he was scheduled to begin a 20-year sentence last week. His car was found on a bridge over the Hudson River, with "suicide is painless" scrawled in the dust on the windshield.

No corpse has been found, and video cameras on the bridge didn't show anyone jumping at the time the car was abandoned, the Journal News reports. What they did show was another car slowing down behind Israel's SUV when it stopped on the bridge; police are said to be questioning the driver, who might have helped the fugitive escape. Israel co-founded the bankrupt hedge fund firm Bayou Group LLC and manipulated the failing firm's books to make it appear profitable to entice investors.

Sources Bloomberg, Journal News (NY)

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Samuel Israel III, the founder of Bayou hedge fund, leaves federal court in White Plains, N.Y. after pleading guilty to conspiracy and fraud.   (AP Photo/Adam Rountree, File)
Samuel Israel arrives at the U.S Courthouse in New York during his trial. A federal marshal ruled out suicide Monday in his disappearance.   (AP Photo/Craig Ruttle, File)
Samuel Israel, former CEO of Bayou Group, arrives at Manhattan federal court for sentencing. His apparent suicide was a fake, according to US authorities.   (AP Photo/ Louis Lanzano)
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suicide • New York Stock Exchange • hedge funds • Samuel Israel • Bayou Group • Ponzi scheme


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