Wednesday, 30 July 2014
Last updated 5 hours ago
Aug 6 2008 | 9:29am ET
Convicted—and now imprisoned—hedge fund fraudster Samuel Israel will be back in court this morning to face charges stemming from his more than three weeks on the run earlier this summer.
Israel will face U.S. Magistrate Judge Lisa Margaret Smith in federal court in White Plains, N.Y., according to both his lawyer and the U.S. Attorney’s office. His lawyer, Barry Bohrer, told Reuters that he expects a “straightforward” hearing about Israel’s disappearance on the day he was scheduled to report to prison to begin a 20-year sentence for his role in ripping Bayou Group investors off to the tune of $450 million.
Israel is likely to face additional prison time.
The Bayou founder pleaded guilty almost three years ago to conspiracy to commit investment adviser fraud. U.S. District Judge Colleen McMahon sentenced him in April but allowed him to remain free on bail until reporting to a federal prison hospital in Ayer, Mass., on June 9.
But Israel never showed up—his SUV was found idling on a bridge north of New York City with the words “suicide is painless” scrawled on the hood. Authorities never really believed that Israel had ended his life, and began a manhunt that ended when Israel surrendered to authorities on July 2.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…