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August 29, 2008 8:13:49 PM CDT

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Israel to Proceed Directly to Jail

Posted Jul 3, 08 1:50 PM CDT in Business,  Crime & Courts 

(Newser) – A federal judge in New York ordered white-collar fugitive Samuel Israel to start serving his 20-year fraud sentence immediately, the Wall Street Journal reports, and ruled that his $500,000 bail be forfeited. "My hope is it will be applied to the resources taxpayers incurred to find Mr. Israel," the judge said. The former hedge-fund manager could face an extra 10 years for fleeing.

Source Wall Street Journal

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  • Hedge Fund Fraud Gets 20 Years

    Apr 14, 08 4:45 PM CDT
    Hedge Fund Fraud Gets 20 Years The founder of defunct hedge fund Bayou Group was given a 20-year prison term today for bilking investors out of more than $400 million, Bloomberg reports. Samuel Israel must also pay $300 million in restitution for masterminding a “ponzi scheme” in which investment returns were paid with new investors’ money. His sentence is the longest for a white-collar crime since Enron litigation. More »

Israel in Massachusetts, where he turned himself in.   (AP Photo)
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)
Fugitive investor Samuel Israel leaves US District Court in Springfield, Mass., after turning himself to authorities yesterday.   (AP Photo)
A more cleanly shaven Israel, in 2005.   (AP Photo/Adam Rountree, File)
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New York City  • prison  • fraud  • fugitive  • bail  • Samuel Israel  • white collar crime  • federal judges


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