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Samuel Israel III

Samuel Israel III (born July 20, 1959)[1] is an American fraudster and former hedge fund manager for the Bayou Hedge Fund Group, which he founded in 1996. In 2008, Israel was sentenced to 20 years in prison and ordered to forfeit $300 million for defrauding his investors.

Samuel Israel III
Born (1959-07-20) July 20, 1959 (age 64)
Occupation(s)Former hedge fund manager and investment advisor
Criminal statusIncarcerated
Criminal chargeFraud
Penaltysentenced to 22 years

Early life and education edit

Born into a Jewish family, Israel attended Hackley School in Tarrytown, New York.[2] He does not have a college degree.[3]

Career edit

In 1996 Israel founded the Bayou Hedge Fund Group, which raised $450 million from its investors and for which Israel was CEO. Bayou and Israel misappropriated these funds for personal use, running what would later be revealed as a Ponzi scheme. After poor returns in 1998, the firm founded a dummy accounting firm, which they hired to audit themselves in order to keep up appearances to investors.[4]

In 2005, Bayou was indicted. On September 29, the Commodity Futures Trading Commission (CFTC) filed charges against Bayou, Israel, and Bayou CFO Daniel Marino.[5] The next year, the hedge fund filed for Chapter 11 bankruptcy-court protection.[6]

On April 14, 2008, Israel was sentenced to 20 years in prison and ordered to forfeit $300 million after pleading guilty to defrauding investors in his bankrupt firm.[7]

In June 2008, instead of surrendering to serve his sentence as scheduled, Israel faked his own suicide. He surrendered in July 2008, and his prison sentence was increased by 2 years as penalty for bail jumping. [8]

Israel's health is failing. He has been denied early compassionate release requests in 2014 and 2019, with the presiding judge stating that it would not promote respect for the law to go easy on white-collar criminals who have privileged backgrounds and can afford top-flight lawyers. [8]

Manhunt and arrest edit

Sentenced in April 2008 to 20 years in federal prison, Israel failed to report to prison as ordered on June 9, 2008. His 2006 GMC Envoy was found abandoned on the Bear Mountain Bridge on June 10, 2008 with "Suicide is Painless" (the title of the theme song for both the movie and TV series M*A*S*H) written in the dust on the hood. Police suspected that this was an attempt by Israel to fake his own death in order to avoid prison.[9] Israel's girlfriend, Debra Ryan, was arrested later that same month for aiding and abetting his escape, and was released on bail. Under intense questioning, Ryan admitted to helping him escape, and that she and Israel parked an RV loaded with Israel's belongings near Bear Mountain Bridge on the day before his disappearance.[10] The pair were featured on America's Most Wanted.[11]

Israel was eventually tracked down to a campground in Granville, Massachusetts, and surrendered to authorities on July 2, 2008. As a consequence, he was further sentenced on July 15, 2009, to an additional two years in prison while his girlfriend was sentenced to three years' probation. Israel is serving his sentence at Federal Correctional Institution, Butner Low in Butner, North Carolina. In 2019, he applied for early release, citing the First Step Act. This application was denied, and Israel's scheduled release date is May 10, 2026.[8]

A Dateline segment about him aired on September 5, 2008.[12] Israel is the subject of the "Suicide is Painless" episode of American Greed on CNBC, first broadcast on February 3, 2010.[13]

In popular culture edit

In the 2023 Netflix documentary series Madoff: The Monster of Wall Street detailing the rise and fall of Bernie Madoff, the arrest of Israel is depicted as a precursor to the public uncovering of Madoff's multibillion-dollar Ponzi scheme.[14]

See also edit

References edit

  1. ^ Tavakoli, Janet M. (2009-01-06). Dear Mr. Buffett: What an Investor Learns 1,269 Miles from Wall Street. John Wiley & Sons. ISBN 978-0-470-44273-9.
  2. ^ Nelson D. Schwartz; Abha Bhattarai (14 June 2008). "The Search for a Missing Trader Goes Global". The New York Times. Retrieved 23 May 2016.
  3. ^ Murphy, Dennis (5 October 2008). "Mystery of the missing millionaire". nbcnews.com. NBC News. Retrieved 23 May 2016. But Sam the 3rd had never actually graduated from college.
  4. ^ Cantrell, Amanda (September 29, 2005). "Bayou founder, CFO plead guilty to fraud". CNN/Money.
  5. ^ "CFTC Press Release 5-21-05". Commodity Futures Trading Commission. 29 September 2005.
  6. ^ Brickley, Peg. "Bayou Investors Who Got Out Early Lose Their Bid for Pretrial Victory". Wall Street Journal.
  7. ^ "Bayous Israel Gets 20-Year Term for Hedge Fund Fraud". Bloomberg.
  8. ^ a b c . Reuters. 2022-07-12. Archived from the original on 2022-07-12. Retrieved 2022-08-01.
  9. ^ . 2008-09-21. Archived from the original on 2008-09-21. Retrieved 2022-08-01.
  10. ^ Schwartz, Nelson D. (2008-06-20). "Fugitive Fund Manager's Girlfriend Is Charged". The New York Times. ISSN 0362-4331. Retrieved 2022-08-01.
  11. ^ Samuel Israel - Fugitive, America's Most Wanted
  12. ^ . 2008-07-05. Archived from the original on 2008-07-05. Retrieved 2022-08-01.
  13. ^ "1 / 17 Suicide is Painless: The Fall of Samuel Israel III". CNBC. CNBC. Retrieved 17 August 2016.
  14. ^ Madoff: The Monster of Wall Street. 2023. Retrieved 2023-02-16.

External links edit

  • The U.S. Government Is a Sham. The Federal Reserve Is Running a Secret Bond Market. Global Finance Is Controlled by an “Upperworld” of Rogue Black-Ops Fixers New York, July 1, 2012
  • The Search for a Missing Trader Goes Global, The New York Times, 14 June 2008
  • Israel's U.S. Marshals wanted poster
  • , Reuters, 2 July 2008
  • , Time, 2 July 2008
  • Fund Manager Who Faked His Suicide Surrenders, The New York Times, 3 July 2008

samuel, israel, other, people, with, same, name, samuel, israel, born, july, 1959, american, fraudster, former, hedge, fund, manager, bayou, hedge, fund, group, which, founded, 1996, 2008, israel, sentenced, years, prison, ordered, forfeit, million, defrauding. For other people with the same name see Samuel Israel Samuel Israel III born July 20 1959 1 is an American fraudster and former hedge fund manager for the Bayou Hedge Fund Group which he founded in 1996 In 2008 Israel was sentenced to 20 years in prison and ordered to forfeit 300 million for defrauding his investors Samuel Israel IIIBorn 1959 07 20 July 20 1959 age 64 New Orleans Louisiana United States citation needed Occupation s Former hedge fund manager and investment advisorCriminal statusIncarceratedCriminal chargeFraudPenaltysentenced to 22 years Contents 1 Early life and education 2 Career 3 Manhunt and arrest 4 In popular culture 5 See also 6 References 7 External linksEarly life and education editBorn into a Jewish family Israel attended Hackley School in Tarrytown New York 2 He does not have a college degree 3 Career editIn 1996 Israel founded the Bayou Hedge Fund Group which raised 450 million from its investors and for which Israel was CEO Bayou and Israel misappropriated these funds for personal use running what would later be revealed as a Ponzi scheme After poor returns in 1998 the firm founded a dummy accounting firm which they hired to audit themselves in order to keep up appearances to investors 4 In 2005 Bayou was indicted On September 29 the Commodity Futures Trading Commission CFTC filed charges against Bayou Israel and Bayou CFO Daniel Marino 5 The next year the hedge fund filed for Chapter 11 bankruptcy court protection 6 On April 14 2008 Israel was sentenced to 20 years in prison and ordered to forfeit 300 million after pleading guilty to defrauding investors in his bankrupt firm 7 In June 2008 instead of surrendering to serve his sentence as scheduled Israel faked his own suicide He surrendered in July 2008 and his prison sentence was increased by 2 years as penalty for bail jumping 8 Israel s health is failing He has been denied early compassionate release requests in 2014 and 2019 with the presiding judge stating that it would not promote respect for the law to go easy on white collar criminals who have privileged backgrounds and can afford top flight lawyers 8 Manhunt and arrest editSentenced in April 2008 to 20 years in federal prison Israel failed to report to prison as ordered on June 9 2008 His 2006 GMC Envoy was found abandoned on the Bear Mountain Bridge on June 10 2008 with Suicide is Painless the title of the theme song for both the movie and TV series M A S H written in the dust on the hood Police suspected that this was an attempt by Israel to fake his own death in order to avoid prison 9 Israel s girlfriend Debra Ryan was arrested later that same month for aiding and abetting his escape and was released on bail Under intense questioning Ryan admitted to helping him escape and that she and Israel parked an RV loaded with Israel s belongings near Bear Mountain Bridge on the day before his disappearance 10 The pair were featured on America s Most Wanted 11 Israel was eventually tracked down to a campground in Granville Massachusetts and surrendered to authorities on July 2 2008 As a consequence he was further sentenced on July 15 2009 to an additional two years in prison while his girlfriend was sentenced to three years probation Israel is serving his sentence at Federal Correctional Institution Butner Low in Butner North Carolina In 2019 he applied for early release citing the First Step Act This application was denied and Israel s scheduled release date is May 10 2026 8 A Dateline segment about him aired on September 5 2008 12 Israel is the subject of the Suicide is Painless episode of American Greed on CNBC first broadcast on February 3 2010 13 In popular culture editIn the 2023 Netflix documentary series Madoff The Monster of Wall Street detailing the rise and fall of Bernie Madoff the arrest of Israel is depicted as a precursor to the public uncovering of Madoff s multibillion dollar Ponzi scheme 14 See also editMarcus Schrenker convicted after attempting to stage his own death Octopus Sam Israel the Secret Market and Wall Street s Wildest Con by Guy LawsonReferences edit Tavakoli Janet M 2009 01 06 Dear Mr Buffett What an Investor Learns 1 269 Miles from Wall Street John Wiley amp Sons ISBN 978 0 470 44273 9 Nelson D Schwartz Abha Bhattarai 14 June 2008 The Search for a Missing Trader Goes Global The New York Times Retrieved 23 May 2016 Murphy Dennis 5 October 2008 Mystery of the missing millionaire nbcnews com NBC News Retrieved 23 May 2016 But Sam the 3rd had never actually graduated from college Cantrell Amanda September 29 2005 Bayou founder CFO plead guilty to fraud CNN Money CFTC Press Release 5 21 05 Commodity Futures Trading Commission 29 September 2005 Brickley Peg Bayou Investors Who Got Out Early Lose Their Bid for Pretrial Victory Wall Street Journal Bayous Israel Gets 20 Year Term for Hedge Fund Fraud Bloomberg a b c Bayou hedge fund s Samuel Israel who ran big Ponzi scheme fails to win freedom Reuters Reuters 2022 07 12 Archived from the original on 2022 07 12 Retrieved 2022 08 01 SUICIDE NOTE LEFT ON CONVICTED SWINDLER S CAR ON BRIDGE New York Post 2008 09 21 Archived from the original on 2008 09 21 Retrieved 2022 08 01 Schwartz Nelson D 2008 06 20 Fugitive Fund Manager s Girlfriend Is Charged The New York Times ISSN 0362 4331 Retrieved 2022 08 01 Samuel Israel Fugitive America s Most Wanted Hedge fund swindler Israel surrenders U S business msnbc com 2008 07 05 Archived from the original on 2008 07 05 Retrieved 2022 08 01 1 17 Suicide is Painless The Fall of Samuel Israel III CNBC CNBC Retrieved 17 August 2016 Madoff The Monster of Wall Street 2023 Retrieved 2023 02 16 External links editThe U S Government Is a Sham The Federal Reserve Is Running a Secret Bond Market Global Finance Is Controlled by an Upperworld of Rogue Black Ops Fixers New York July 1 2012 The Search for a Missing Trader Goes Global The New York Times 14 June 2008 Israel s FBI wanted poster Israel s U S Marshals wanted poster Fugitive hedge fund swindler in federal custody Reuters 2 July 2008 Hedge Fund Fugitive in Custody Time 2 July 2008 Fund Manager Who Faked His Suicide Surrenders The New York Times 3 July 2008 Retrieved from https en wikipedia org w index php title Samuel Israel III amp oldid 1213378080, wikipedia, wiki, book, books, library,

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