Dear CIGAs,
The swindler mentioned here comes with a twist of Spin. The article?s headline should be ?Convicted HEDGE FUND MANAGER due to report to for 20 year prison term.?
What is interesting is that the goal post for FBI arrest and prosecution was lowered yesterday when two Bear Stearns Hedge Fund Managers did the handcuffed perp walk photo op for not informing their investors in a timely way.
What is the difference between Hedge Fund Pool Short raids, longer term naked Hedge Fund Pools or singular operation shorting, short term naked shorts with brokers who certainly know what their clients were up to and facilitated these illegal actions internationally and the Bear Stearns boys? The answer is legally nothing at all, and they are possibly more egregious. These short operations inflict billions of dollars of damage through illegal acts on shareholders by forcing margin accounts to the wall and by causing interference in the day to day business of the enterprise.
You will recall that I recommended to Hedge Fund Managers and their staff months ago that the best course of action would be to take their money and run to a non-extraditing country. There is a line at the Federal Building in New York for Hedge Fund employees giving up their bosses for immunity.
Agents search for NY swindler who faked suicide
By JIM FITZGERALD - Associated Press Writer
Last Updated 5:12 am PDT Friday, June 20, 2008
WHITE PLAINS, N.Y. -- If Samuel Israel III had reported to prison like he was supposed to, he would probably be washing dishes, mopping floors or serving meals to fellow inmates today. And he might be getting up at 4:30 a.m. to do it.
It wasn't a life to look forward to for a man who became fabulously rich - wealthy enough to rent a house from Donald Trump at $32,000 a month - as he swindled hedge-fund investors out of hundreds of millions.
Israel, 48, told a judge that the idea of spending 20 years in prison was so distasteful he had considered suicide. But he eventually decided: "I have to take responsibility for my actions no matter what the consequences."
That sentiment didn't last long. Within two months, federal investigators said, Israel settled on life as a fugitive. On the day he was to surrender, authorities said, he abandoned his SUV on a bridge in the New York City suburbs, etched "Suicide is Painless" in the dust on the hood to make it seem he had jumped, and skedaddled.
On Thursday, 10 days later, agents got their first big break when Debra Ryan, the girlfriend Israel left behind, told them she had helped him pack a big white recreational vehicle with his belongings - and a motor scooter. A picture of the RV was released, along with its license plate number. The U.S. marshals office said Israel might be spotted at "RV parks, campgrounds or highway rest areas."
Skepticism about his "suicide" started almost as soon as state police determined the vehicle belonged to Israel. When no body was found beneath the 150-foot-high bridge over the Hudson River, authorities said they suspected a scam. So did investors who were hoping to get some of their money back.
More?
