Fugitive Hedge Fund 'scammer' Turns Himself In

PlusFugitive Hedge Fund 'scammer' Turns Himself InFugitive Hedge Fund 'scammer' Turns Himself InThe Associated PressA convicted hedge fund swindler, who set off a national manhunt when he faked his suicide to avoid reporting to prison, rode his scooter to Mass. police station and turned himself in while talking to his mother on his cell phone. (July 2)[Notes:ANCHOR VOICE] After nearly a month on the run...an American businessman, who was convicted of stealing millions from investors, has turned himself in.Samuel Israel the third walked into this police station and told authorities he was the man they had been looking for.The former hedge fund manager had been sentenced to 20 years in prison but he never showed up last month to start his time.Police say...with the help of Israel's family members...they were closing in on Israel before he reported to the Massachusetts station Wednesday morning. ((Cop SOT: the information we received there was communication between the mother and mr. israel.))According to investigators...the fugitive financier had been living quietly in his R-V.((Camper SOT: he dropped the camper off, plugged in and got his motorcycle out and he was gone.))Israel originally led investigators to believe that he'd killed himself. His truck was found at the top of this bridge with the words " Suicide is painless" scrawled across the windshield.But they became suspicious when a search for his body turned up nothing.Israel's girlfriend was arrested last week on charges of aiding and abetting his escape last week.If she's convicted she could face as many as 10 years behind bars. Israel is also facing additional federal charges for fleeing.An attorney for those hurt by the former executive's scheme say his surrender has given them some sense of closure. But they'll find even more peace in the coming weeks.((Attorney SOT: The investors will receive checks very soon from the 116 mln that the government has and they'll probably get more later.))That money includes whatever was forfeited by Israel and his co-defendants plus interest. The total loss to investors was about 300 million dollars.Israel will now be returned to New York to face additional charges related to his time on the run.

Channel: News & Politics
Uploaded: July 3, 2008 at 4:25 am
Author: AssociatedPress

Length: 02:06
Rating: 4.40
Views: 1845

Tags: 'scammer'  executive  fugitive  fund  hedge  himself  

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