- Samuel Israel III, the fugitive former chief executive
of failed hedge fund firm Bayou Management LLC, was arrested Wednesday
morning by police in Southwick, Mass., CNBC reported, citing law enforcement
officials. Authorities had been searching for Israel since June 9, when
his sport-utility vehicle was found abandoned on a bridge in Westchester
County, N.Y., with the phrase "Suicide is painless" scrawled
in the dust on the hood - about 90 minutes before he was to report to begin
serving a 20-year prison term in Massachusetts. Prosecutors allege Israel
and other Bayou executives misrepresented the value and performance of
the firm's funds to induce new clients to invest, while persuading existing
clients to keep their money in Bayou. Israel's girlfriend was arrested
June 19 and charged with helping him flee authorities.
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- Dow Jones Newswires
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- 07-02-08 1047ET
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