
Global manhunt under way for hedge fund fugitive
Losses and Lawsuits
NEW YORK - The hunt for Samuel Israel, who failed to report to a Massachusetts prison to begin a sentence for defrauding more than $400 million from hedge fund investors, has reached a critical stage. When Israel's abandoned car was discovered on the Bear Mountain Bridge over the Hudson River with "Suicide is painless" scrawled on the hood, New York state authorities believed they faced a suicide investigation. Security camera footage failed to determine what happened next, and it is now believed that Israel's suicide bid was staged, making the US marshals, FBI and New York state police investigation now a manhunt.
The FBI has notified its legal attaches at its foreign bureaux and police forces abroad, as authorities face the possibility that Israel could already be abroad and in a country without an extradition treaty with the US. Authorities have issued wanted posters and a warrant for his arrest, and are now tapping telephones, tracking Israel's accounts and treating relatives abroad as potential accomplices. Authorities say a common reason why fugitives surrender is lack of finances, which may not present a problem in Israel's case.
Israel was sentenced earlier this year after pleading guilty to conspiracy and fraud charges in September 2005. Israel founded asset manager Bayou Management in 1996. His former chief financial officer, Daniel Marino, is already incarcerated and serving a 20-year sentence at an Arkansas state prison for his part in the $400 million fraud.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on Regulation
HKMA launches consultation on green taxonomy
Regulator could use proposal to assess progress of banks towards climate goals
After SVB downfall, EBA stress test seeks out unrealised losses
European regulator asks for data on the fair value and sensitivity of bonds and their hedges
EU banks fear Brexit battle over FRTB internal models
Bank of England approach looks easier, but that may not make much difference to model uptake
Europe’s new IRRBB test: the riddle with no answer
A proposed compromise on net interest income test is not scientific, but exact calibration may be impossible
Eurex clearing chief calls for active account carve-outs
Isda AGM: Müller says EU clearing thresholds should exempt market-making and US client trades
The regulator that troubleshoots first, asks questions later
Canada’s bank watchdog aims to intervene early to tackle burgeoning risks, even at the expense of “perfect” regulatory decisions
Banks dispute EBA’s new threshold for IRRBB test
Banks say new proposal for identifying outliers on net interest income is still too severe
Investor wish-list offers no quick fix for Swiss CoCos
Some want bond doc overhaul to clarify bail-in risk, but sovereigns can always change the rules