Hindustan Times - Bernard Madoff, whose $50-billion fraud devastated individual and institutional investors worldwide, could spend the rest of his life in prison after pleading guilty later this week.
 
In a court hearing Tuesday, defence lawyer Ira Sorkin said that Madoff would plead guilty Thursday in federal court in New York. The news confirmed recent reports that Madoff was expected to enter a guilty plea.
 
At the hearing, Assistant US Attorney Marc Litt said that Madoff faces 11 criminal counts including securities fraud, mail fraud, wire fraud, three counts of money laundering and filing false statements with the Securities and Exchange Commission (SEC).
 
Litt said that Madoff faces up to 150 years in prison on the charges under federal sentencing guidelines, The Wall Street Journal reported online.

Read Complete Article

Tags: bernard madoff, defence lawyer, false-statements, federal sentencing guidelines, guilty plea, hindustan times, institutional-investors, ira, life in prison, mail-fraud, money, securities fraud, securities-and-exchange, securities-and-exchange-commission, sorkin, wall street, wall-street-journal, wire-fraud

New York (HedgeCo.Net) – Chances are, when you stage a suicide to avoid a 20-year prison sentence and spark an international manhunt, you’re probably not going to have the luxury of being granted bail. 

That’s exactly what happened when Judge Colleen McMahon denied Samuel Israel III in a federal court in Manhattan last week.

Not only will Israel have to serve his original term, he will probably have to serve additional time for failing to report to prison on June 9th.

The former head of the Bayou Group was originally sentenced in April, but McMahon allowed Israel to roam free for a few weeks so the prison could line up the multiple medications he needed.  Israel, who is 48, had a pacemaker and was taking various painkillers for back pain. 

Still riding high on the suicide front, Israel told the court room that he attempted suicide by overdosing on the painkillers saying, "I thought it was better to do myself in than to turn myself in."

Although he didn’t enter a plea as of yet, he finally turned himself over to authorities due to medical problems, his mother’s persistence and to top that all off, some sort of divine intervention.

Israel had been hiding out in a mobile home with his girlfriend in Massachusetts.  A grand jury is expected to deliver his fate within the next month.  

Julie Scuderi
Senior Editor for HedgeCo.Net
Email: julie@hedgeco.net

HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!
Be sure to check out our sister sites. For more information, visit www.hedgeconetworks.com

Tags: april-29, belongings, brokerages, due-diligence-service, false-statements, financial-services-authority, police-spokesman, prison-officials

New York (HedgeCo.Net) – The manhunt continues for former Bayou hedge fund manager Sam Israel, who went missing just hours before his scheduled jail term of 20 years.

Israel’s 2006 GMC SUV was found abandoned on the bank of the Hudson River just north of New York City, with the words ‘Suicide is Painless’ written through the dust on the window.  In recent days, however, no body has washed up on shore, as they usually do when somebody jumps from the Bear Mountain Bridge, prompting authorities to believe that this was nothing more than a staged suicide.  

A police spokesman even confirmed that they are no longer searching the river because it is widely believed that he didn’t take the 175 ft plunge.

The US Marshals Service in Manhattan is considering Israel ‘armed and dangerous,’ as indicated on his ‘wanted’ poster, which describes the 48 year old, 5’11"/200lb scam artist. 

Israel received the 20 year prison sentence after he was found guilty of defrauding investors of over $450 million.

Julie Scuderi

Senior Editor for HedgeCo.Net

Email: julie@hedgeco.net

HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!
Be sure to check out our sister sites. For more information, visit www.hedgeconetworks.com

Tags: april-29, brokerages, due-diligence-service, false-statements, pacific-ocean