Saturday, 23 August 2014
Last updated 12 hours ago
Dec 23 2008 | 2:26am ET
Remember Samuel Israel?
In light of the Bernard Madoff scandal, Israel’s $450 million fraud may seem quaint. But the saga of Israel, who was sentenced to 20 years in prison for his role in the Bayou Group hedge fund fraud, and who went on the lam in June, is still ongoing, as he waits for a judge’s permission to plead guilty to charges of bail-jumping.
Israel is finally getting the psychological evaluation order by a judge in October. U.S. District Judge Kenneth Karas in White Plains, N.Y., ordered that the evaluation at the Devens Federal Medical Center outside Boston—the very same prison camp to which Israel was supposed to report on the June morning he disappeared, his SUV found on a bridge north of New York with a suicide note of sorts scrawled into the dust on its windshield. Israel is to be transported from the Westchester County jail, where he has been held since his July surrender, to Devens on Dec. 29, almost seven months after he was supported to turn himself in.
In October, Karas ordered Israel to spend three months at a federal prison in Butner, N.C., for the psychological exam, after delaying the convicted hedge fund fraudster’s plea on bail-jumping charges three times. Last week, Karas demanded to know why Israel was still in New York, and not at the North Carolina facility, leading to a conference on Friday.
In a statement, the U.S. Attorney’s Office for the Southern District of New York said, “at issue was Mr. Israel’s designation to a facility for medical and psychological evaluation.” He is to be returned to U.S. Marshal’s Service custody on Feb. 12, before his bail hearing resumes in White Plains on Feb. 27.
Israel faces as much as 10 additional years in prison on the bail-jumping charges.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note