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August 29, 2008 8:32:23 CDT

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Fugitive Hedge- Fund Swindler in Feds' Custody

Posted Jul 2, 08 11:02 AM CDT in Business,  Crime & Courts 

(AP) – It's official: Samuel Israel definitely isn't dead. The fugitive hedge-fund swindler turned himself in today, federal authorities say. Israel disappeared last month on the day he was supposed to report to federal prison. His car was found parked near a bridge over the Hudson River, with the words "suicide is painless" scrawled in the dust on the hood, leading to brief speculation that Israel had killed himself.

Authorities, however, soon ruled out the suicide theory and declared Israel a fugitive. Today a spokeswoman for US Attorney Michael Garcia said that Israel is in federal custody, but would provide no further details. Israel was sentenced to 20 years in prison for bilking investors out of $450 million in hedge funds.

Source Associated Press

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This wanted poster provided by the U.S. Department of Justice Marshals Service shows Samuel Israel III.   (AP Photo/ U.S. Department of Justice Marshals Service)
In this April 14, 2008 file photo, Samuel Israel, right, founder of the Bayou Group hedge funds, arrives at U.S. District Court in New York.   (AP Photo)
In this April 14, 2008 file photo, Bayou Group hedge-fund founder Samuel Israel III, right, arrives at the U.S Courthouse in New York.   (AP Photo/Craig Ruttle, File)
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suicide  • hedge fund  • fugitive  • Samuel Israel  • Bayou Group


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