American Greed: Ponzi Scheme and Fake Suicide (Documental Radioplay)

On June 9, 2008, police searched the Hudson River for the body of a former Wall Street darling. New York State Police did not find the body of 48-year-old Samuel Israel. Samuel is real, the third once the toast of Wall Street has fallen slightly on the hedge of him. The fund company is gone, as is his family and hundreds of millions of dollars from investors, the money is gone. Israel's GMC Envoy was found abandoned on New York's Bear Mountain Bridge on Monday. The police find his car on the bridge. On it is a disturbing message: the word

suicide

is painlessly scrawled. in the pollen on the hood, is surprising and becomes a strange story of success, pride and, ultimately, misfortune, just nine years earlier.

Israel and this company Buy You Funds LLC are at the top, the Dow explodes past 10,000 tech stocks with fury and for Seve investors, money is everywhere. Under the SP, the Nasdaq, these three indexes for five consecutive years had posted double-digit percentage gains, so it was a good time to be on Wall Street. A lot of people made a lot of money, but things at Value are not like they used to be. See what begins when an FBI investigation into foreign transactions explodes into a full-blown investigation. He quickly says it was a massive fraud perpetrated by his investors at the center.

Samuel Israel is the third, perhaps one of the most unlikely con artists Wall has ever taken on. The strolling street really exploded very quickly and once the check bounced, everything fell apart. Now Israel's abandoned car is on the bridge and his body is nowhere to be found. It's just the latest detour on Louisiana native Sam Israel's wild journey. In 1959, Samuel Israel, the third, grows up surrounded by monetary privilege and power when he is a teenager. Sam's family moves to New York and he is exposed to a new kind of elite. Sam told me that the people the Israels moved in with had more money. that no one and I mean anyone in the world the social circle was gritty while Larry Tish Alan Greenspan his grandfather built the commodities trading company Leon Israel and his brothers from scratch before selling it in 1981 money runs in Israel's blood when A young Sam heads to Wall Street, but he doesn't use the last name to open doors.

The keys to the kingdom were offered to Sam. He didn't want it. He was determined to do it at his expense. He didn't want to deal with that family connection. That's why. At first he became a merchant to prove his worth to his father to the world. Israel bounced around Wall Street for a decade learning everything not taught in business class during the joyous

greed

of his good '80s and early '90s, so Sam was taught how to get in and out of a stock, how to fill tickets, how to be in the room, work your way into a trade, but they also told you how to steal insider information, how to get ahead of all the scams that were basically an open joke.

Wall Street was not considered illegal because everyone was doing it. You can't cheat if everyone is cheating. Israel is attracted to the fiercely competitive world of hedge funders and the free lifestyle of successful fund managers. Hedging funds are lightly regulated and generally invite only those wealthy enough to invest. They accept greater risks with potentially higher returns. Regardless of which direction the market is headed, a hedge fund is basically an investment vehicle for sophisticated investors. During the '90s, a lot of people jumped into them because they weren't making enough money. performance of the index funds or traditional mutual funds they invested in and these hedge funds had some of the best traders managing their money.

Such experience comes at a high price during the 90s, it has been reported that some hedge fund managers made over $100 million a year close to the Swami you are the magician you are the magician I wanted to be these were the kind of people who you knew running companies that ran countries that ran the world in 1996 Israel opens for you fun LLC in the The basement of its New York Hall begins to carry out short-term operations with the dream of making you buy on Wall Street, honey. I think if he had his ideal desire, he would have taken my money and turned it into a good investment. and to be strutting around Wall Street right now as one of the great hedge fund managers of all time, that's what I wanted.

His railroad brings two friends to help. Led by his investor James Marquez and accountant Dan Marino, but Sam is, without a doubt, the face of Bayou. a friendly, affable, self-deprecating guy, a loyal friend, a generous benefactor, a confidant and a popular guy. These personality traits along with his last name and business experience are key and convince people to invest with. I knew I was on some To what extent was it about giving my money to a person I sat in my office and cut the check and I remember I cut the check thinking this is the smartest thing or the dumbest thing I've ever done in my life. and time will tell and it was, but from the beginning there are problems with Israel's investment strategy in 1996 the SP increases by 20% and then 31% the following year however the first EU audit reveals a loss of 12% in the first few years the markets were taken away everyone was making money and here they are in trading they are losing money and how can they explain that there is no way in this market if they are losing money someone will stay with them in an effort to hide losses and attract new investors.

Israel decides to do some creative accounting and you start rebaiting. The commission is back, it's fun to make it look more technically profitable, it's legal, but it's the beginning of a slippery slope that Sam Israel will eventually slide to the bottom because they do this accounting trick, if you will, reimbursing these commissions from stocks to the bottom and after that we're off to the races, but I think that kind of planted the seed of what was to come with this temporary plug that you put in soon, new investors came knocking on the door and their reserve of money.

Another attraction for Buy You is starting to grow is that Israel does not charge the typical 2% management fee that most hedge funds charge in 1998, with apparent success by youmuu from Israel's basement to the shores of Long Island Sound in Stamford Connecticut, but Israel's investments continue to fail, whether due to bad luck or incompetence, he cannot take advantage of a lucky break, investors' money begins to drain away, he begins to lose money, especially in a market where almost everyone else is making money, you won't get any new money there and this. Next was his business, but the losses increased.

Sam Israel is desperate to succeed. How far will you go to ensure Bayou survives? I don't think he set out to defraud people from the beginning. I think he just couldn't admit failure and kept digging. The hole is getting deeper in 1998 Sam Israel's dream is becoming a growing nightmare despite a market moving higher and higher Israel Bayou's hedge fund company continues to bleed money they just got bad luck they made some mistakes they were late early and didn't dare to do just admit it didn't work admit failure admit defeat and move on with their lives losses are relatively small at first a couple of hundred thousand dollars or so but any law will scare away investors Israel and his associates James Marquez and Dan Marino look for a solution The way to turn around Bayou Salmon told us that it basically takes one day at a time a three-year track record of success to be a successful hedge fund one of those first three years they want to be successful forget to cover the initial losses they participate in account for the sleight of hand by funneling commissions from share transfers back to the fund without telling investors, but during their second year they lose more than a million of dollars and as their pool gets deeper they can no longer hide the problem: the hole was the amount between what they told investors what they had and what they actually had in the fund and they said we have to plug that hole we have to plug that hole that became a kind of mantra in late 1998 Israel and its partners came up with a desperate plan to hide the problem you have to raise more funds, otherwise this will really go down and we will be in jail .

They replace their independent auditing company with another more aligned with their best interests, one run by their own accountant Dan Marino, we believe. a

fake

accounting firm and you are a CPA, you incorporate it, you do whatever it takes to make it work and we will have to cook the books for a year or two until we can recover and That's what happens. Marino names the company Richmond Fairfield Associates and soon sends out financial statements exaggerating Bayou's successes and downplaying lawsuits. opened the door and the world of criminality the statements attract new investors whose money is used to pay refunds of previous clients almost by accident instead of being designed by you it has become a Ponzi

scheme

.

I don't think they started with a Ponzi

scheme

in mind. I think what happened was that they got caught in trading losses in the late 90's and again everyone else was making money during that time period and to hide those trading losses, the Ponzi scheme started thanks to the books you manipulated from Marino now seems to be making slow and steady gains, this fund was making quote unquote ten to fifteen percent, which was fine, that sounded perfect, it was a very steady walk, don't run, kind of fun and that all seemed perfect to me. That's exactly what he wanted now, with millions of dollars of investment capital, Israel promises to generate consistent returns for its investors, regardless of where the market is.

His

fake

weekly updates say he's on the right track; Over the course of two and a half years, my $250,000 had grown to about three hundred and thirty-six thousand, you know, if he had come out and said, oh, we made 50% this year, I would have run like crazy because I was taking on too much. risk to win that amount of money, this is exactly what I thought. He had announced that he was doing exactly what I was looking for: good consistent returns, most hedge funds require an initial investment of $1 million. Bayou offers investors shares for a fraction of that two hundred and fifty thousand dollars, making it attractive to those who would not otherwise invest.

A quarter of a million dollars was still a little more than I want to put into any investment, but it was now within the realm of reason, which a million dollars was not to outside world investors. Bayou is delivering on all of its initial promises and then some, but behind closed doors it's a very different story. The losses continue to mount and the stress takes its toll on Sam personally and professionally. Israel's marriage suffers and recurring back pain leads to heavy use. of painkillers Israel and investor Marquez fight over market strategies Sam and Jim are fighting like cats and dogs at this point they were constantly arguing with each other in closed-door meetings when no one was around after you know about us, talking about how to fill the hole and fix the problem in 2001 Marquez leaves the company and Soon Bayou is attracting more money than ever, many of these investors are wealthy people, but Soon Bayou is also attracting large private equity funds, pension funds, investment funds venture capital and even funds from fund managers at large companies and universities across the country.

A fund of ten million dollars quickly rises to tens of millions of dollars and then crosses the threshold of one hundred million dollars and reaches hundreds of millions of dollars in a relatively short order, but with use, investment luck does not changes, they simply continue to commit fraud year after year and loss of money in 2003 the world of Israel is imploding his dependence on painkillers grows and his wife leaves taking his two children Sam faces harsh verification that he was not going to have the success he expected and so he turned to less traditional means to achieve success and that was ultimately his downfall.

Then, to American

greed

desperate to raise money to save, he already sees Israel itself being duped in a global investment scam. Could he lose everything Sam wanted so badly to be something he was? Not that he was out to destroy himself in 2002, the stock market cools, the dot-com bubble bursts, and Wall Street returns are flat or falling. Now more than ever, hedge funds are attractive to investors looking to shake upthe crisis. of an advantage because a hedge fund will essentially try to outperform the market, even if it is down, a hedge fund will try to go down less than you think.

One of the indices like the SP and the hedge fund like Bayou seem perfect to you, they are perfect for everyone. The accounts work very well, they have above average rates of return, everyone is happy with the fund, they recommend their friends to enter the fund, a lot of money starts coming in and now, instead of millions and tens of millions that they are talking about now , hundreds of millions of dollars. 2002 2003 2004 full of apparent success Sam Israel and Dan Marino lived the good life Marino moves to a house with six bedrooms and a pool and to the wealthy enclave of Westport Connecticut buys flashy sports cars Israel separates from his wife and teenage children rents a Donald Trump's home in Bedford, New York, for $22,000 a month, hires Deborah Ryan, a local painter, to customize his 13-room mansion.

Soon the relationship becomes more than professional and he suffers from increasing back pain. Sam starts trading from home instead of moving to buy an office in Stamford, there is a separate house on the property called chapel, which has a raised railing, has his trading room, maybe 20 units, a trading team with flat screen and, basically, as we did with their operations between 2002 and 2005, Israel and Marino now buy and use the financial chief. The officer will receive four million dollars in salary and compensation. They will then claim that these excesses are little more than facades, much like their fake accounting firm that lures investors with false statements.

I guess you can convince yourself of anything, but the fact is they drove Porsches and Bentleys. and Ferraris and living in beautiful houses and in the most exclusive suburbs of New York and living life, but life is alive on paper, it is worth hundreds of millions of dollars, but the reality is very different, they said they had four hundred and ten million . and maybe they had 125 million when the fund collapsed Israel disabled buys back pain and medication spends most of his time at Trump's house Israel didn't sleep at night part of it was his drug dependency, a substance abuse problem substances and his back problems but a big part of it was the lie that he was perpetrating it takes a really special kind of individual to commit a crime like this and be able to sleep at night worried that the flat market might tempt investors to withdraw your money and cause your collapse.

Israel embarked on an investment madness to save his company, what he did was through good money after bad and tried to reverse the business losses he had incurred and kept digging the hole deeper and deeper, desperate to infuse money in Bayou. Israel begins to search. for non-traditional venture capital investments, including movies and fashion lines, but few are panicking because the money continues to disappear, they invested close to $40 million and perhaps a dozen to 15 different venture capital deals over the years. Throughout these years, unfortunately, it was similar to his business experience. He's not very smart and his venture capital investments, since the venture capital investments failed, is a really strange saga that takes a wild turn as his desperation grows sometime in 2004.

Sam makes a friend who claimed consult on buyers' problems for a small fee. The individual was a rather dark figure. He actually told Sam that he was a former CIA officer. He was involved in covert operations. A bunch of super secret creepy stuff Sam just bought. projects something humanitarian, some covert operations, all financed by select or major banks and invites only two exclusive investors, the man sweetens the pot and tells Israel about a mysterious Federal Reserve box he has that contains unimaginable wealth, Even better than the backstory is the incredible return rate promised to Sam—if you send more than $150 million, you can generate up to 100 percent return in a couple of weeks.

Israel is essentially singled out for the super-rich man's equivalent of a Nigerian email scam. Israel pays the man ten million dollars to enter. In exchange, he is offered a fascinating collateral: the so-called Federal Reserve vault, supposedly from World War II, containing more than $100 million in Federal Reserve bonds. This individual said to Sam. I have this super secret box. I'm going to give you this. What you can't tell anyone could destabilize the US economy if you told anyone, of course, it's too good to be true. The catch: The Federal Reserve issues bills, not bars, the box is an elaborate hoax that FBI agents have heard about. but it had never been seen until now, so someone worked hard to create this fraudulent box to steal ten million dollars from mr.

Israel, the scam that Israel falls into is well known to federal investigators. They are called Prime Bank frogs or high-yield investment fraud. The appeal to Sam is simple and impossible to resist. The last chance to climb out of a bottomless hole with a guaranteed 100 percent return. About your investment, if you're making a hundred percent every two weeks on 120 million dollars, it doesn't take long before you hit that 450 mark that you're supposed to be at and then we're going to be legit from There thinking he's investing in a super secret program, Israel transfers $150 million, essentially all of Bayou's remaining money to a bank in London that was beyond a Hail Mary, which was like a guy who has one left. chip and you know what the hell? throw it away, I know I'm done, so I can also see, you know, 9 red spinels, but the transaction is so big and unexpected that the bank gives the money back, you know, years ago he would have laughed at someone telling him that you can have a hundred percent come back to them every time, but I think in his desperation and maybe with the combination of the painkillers he was taking at the time, I think he touches reality a little, his real attempts again, this time he sends 120 millions to Humber with the hope. the jump to another supposed major bank opportunity german authorities quickly contact the fbi again the large transaction is a red flag initially we started an investigation frankly we were looking at it as possible money laundering the situation ironically when agents interview For the first time to Israel everyone believes they are the victim, but the more questions the agents ask, the more they realize that something else is going on besides criminal bank fraud.

This makes no sense. I mean, this is a sophisticated investor, a guy who knows Wall Street, why is he involved in this? The need to make 100 percent every two weeks by using wild money ends abruptly in June 2005, when nearly $100 million ends up in New Jersey in the hands of another major bank scammer. The money is invested in some fake gold mines in Arizona. and the Attorney General of Arizona takes it over Sam Israel, the third party ran out of time and options and that's when everything happened very quickly on July 27, 2005 Israel sends a surprise letter to investors that it is closing, buy yourself, It has been a great race, but I regret it. to tell you that I am going to close the Fond I got divorced I want to spend more time with my children but I don't want to do this anymore so thanks for the memories and the checks will be in the mail but because you don't have the money to send what's left has been frozen by the Arizona Attorney General and the checks don't arrive the investors start flooding the office with phone calls I call for you they have always been very fast it just rings it goes to voicemail and the voicemail is full and I think this can't be Well, there is no one to explain what happened.

I just want to know where the money was, but no one had any idea who was left. I mean, a practical matter preferred to disappear, it just disappeared while researchers have made a surprising discovery. Richmond Fairfield Associates, the independent accounting company you audit, is actually run by Bayous's own CFO, Dan Marino, so now we're going to take direction from you, the victim. and Sam and Dan possibly as the perpetrators of a fraud that comes with the disintegration of this company and the closure of the authorities in Israel are left with the reality that their dream is dead once a high-flying toast of Wall Street now In free fall, is there only one way out?

The collapse of swamp hedge funds in the summer of 2005 is as spectacular as it was unexpected. Literally in the space of a few minutes I had lost three hundred and thirty-six thousand dollars. I mean, I woke up and that was part of my net worth. At one point in the afternoon, the best anyone could tell me was that he was gone. Investors received a letter from Sam Israel telling them that the used buying doors are closed but that their money will arrive soon. A Seattle money management firm receives a check for fifty. three million dollars from Barrio when they deposit the check it bounces they are very upset and decide to fly to Connecticut to see what happens they find the company deserted the representative makes a surprising discovery in the office of the financial director Dan Marino they are on Dan's desk and the computer was this

suicide

note and confession letter that basically detailed the fraud that Sam and Jim Marquez had committed in six pages and detailed how Israel and Marino have used it to build up confessed mistakes of over $300 million in less than a decade in In a short time, Moreno is healthy, alive and very talkative.

He confirms that everything you have stated is nothing more than a lie, which is why he is looking at approximately one hundred and fifty million dollars in assets while investors think and have been told through the financial media. The independently audited financial statements say there are four hundred and ten million dollars, so they are about three hundred million dollars short. This is huge, you know, and as you look at the numbers, it just snowballed and escalated, it was discouraging, with few options for both Israel and Marino. started cooperating with authorities Sam in particular seemed glad the charade was over, he said every day I spend in jail guys I'll be a free man compared to living this life for so many years in a storage locker.

Investigators find letters from former Bayou employee James. McCann that explain his involvement in the American fraud. He brings in the sheriffs to determine what the remaining assets of the swamps might be, aside from the money already seized in Arizona, there is very little left. We identified approximately $43 million in assets in approximately 25 to 30 different cases that may be viable. I'm not sure what happened. the rest of the money there is no indication that the missing money actually exists. Israel is moving from his Trump estate with his girlfriend Deborah to a much smaller house in Armonk, New York.

He is charged with misrepresentation to purchase funds from her and mail fraud. He pleads guilty as does Dan Marino. Israel's family pays the five hundred thousand dollar bail and Israel hands over his passport, but even after everything has fallen apart, Israel clings to the story that they were just trying to do the right thing and offers this as a defense for his actions. , he told Kevin and me that he felt bad for all the investors for doing this to all of them. You know, this was not his intention when he started, he took a path and just couldn't get out of the forest.

The path is like that, but investors paint a different story when greed and that of a man who coldly swindled hundreds of millions of dollars from those who trusted him was not someone who had strayed from the path for a day or two and more or less as soon. When they caught them he sat down, you know, what he was thinking about. This was a guy who had thought about committing fraud for a long period of time and he thought a lot about how to do it right. Marquez pleads guilty and was just sentenced to 51 months because he left you before the worst of the dead with Donner for two and a half years both Israel and Marino continue to cooperate with authorities each hope for a lenient sentence but the courts do not They look favorably on criminals who scam people Big money Israel in Marino is sentenced to 20 years in prison to pay $300 million in restitution.

It was a very harsh sentence. Keep in mind that it comes on the heels of companies like Worldcom and Enron collapsing due to accounting fraud, and in fact, the judge who sentenced Israel told him that just because you wear a tie when you commit a crime doesn't mean you get any kind of break from Sam Israel, eight years old, the pressure is too much, I think throughout the course. After being sentenced and having to go to prison, he realized that he was going to prison for 20 years and I think it was a tremendous weight to bear all of Sam's connections, all of them.The people you know, all the money they don't have. can help you now judge gives Israel eight weeks to get his affairs in order As the days approached for him to surrender to serve a 20-year sentence, he panicked and thought it was something he couldn't do.

On June 9, 2008, Israel finally plans to report to prison. Never comes. Israel disappeared on the day he was to begin serving a 20-year sentence in a federal prison in Massachusetts. Police find his GMC Envoy abandoned on the Bear Mountain Bridge, 40 miles north of Manhattan. The words "Suicide is painless" scrawled on the hood inside the van are the keys to Israel and the prescription for painkillers. It appears that Sammy Ezreal has committed suicide, but there is always another twist in the Sam Israel saga and this story is not over yet. He was not a clear thinker, he was not a rational thinker, and he was someone who panicked in June 2008, three years after the collapse of the Bayou hedge fund group and the disappearance of more than 300 million dollars of investors' money, the story changes to a bridge crossing the world. dark waters of the Hudson River Sam Israel, the third buyer-use fund manager, apparently jumped to his death rather than face a 20-year prison sentence.

He is one hundred and fifty-six feet above the waterline, so if he jumped off that bridge, it is highly unlikely. that you would survive, but when divers couldn't find a body, investigators doubt he really committed suicide. Common sense would tell you that if he jumped off a 150 foot bridge, there would be some kind of body found somewhere up or down the Hudson River. Investigators quickly mobilize a nationwide search. The goal is to find Israel before they can flee the country. The first interruption comes quickly. Surveillance video shows Israel's car stopping on the side of the bridge.

You are not alone. Another vehicle had stopped. You could see what it was. Investigators tracked the vehicle and confirmed what they already suspect that Sam Israel is still alive and fleeing the United States. Deputies contact Sam's family and friends, including his mother, who now lives in Chicago. The more Sam runs, the harder it is to find him, as long as you don't stand out, don't do anything illegal, you know, don't get anything. attention, it's not difficult to disappear the United States is a big place the world is a big place investigators rely on Deb Ryan Israel's girlfriend at first she denies knowing anything after 11 days of interrogation she finally admits that she helped Sam hide a RV and the blue motor scooter at a rest stop in New York she had helped him out.

Basically, hiding the RV at the rest stop helped him pack his clothes the night before, so at that point she was arrested for aiding and abetting Sam and his career in hopes of squeezing Israel's agents. They posted alerts on campground websites across the country. featured on America's Most Wanted in Chicago US Marshal Edie Farrow spends weeks convincing Sam's mother that her son should turn himself in. She was very worried about the fact that if they caught her son, he would be killed and we told her that could be it. She can be avoided if you get her to turn herself in to the police and offer Marshalls insight into her son's character.

We had asked him about his suicide. This is something he could do. She said my son has always had a problem with the truth. he doesn't always tell the whole truth the authorities fear that Israel has left the country he actually barely leaves the state for weeks he stays in Grandville Massachusetts at Prospect Mountain Campground he lives under a false name he is a David claps with a k' kla PPA signed with that name and everything was paid in cash, so there was no credit card so we could verify that name or anything like that. Sam is real, aka David Platt, he keeps a low profile at camp, there was nothing suspicious about him at all.

He was a very personal guy, very nice, he didn't look anything like the photos, he looked much thinner, he had a beard, curiously the man who has spent years tormented by back pain starts jogging, stay, you'll come back from running, who comes. at Gatorade, buying cigarettes, he always made jokes about why he was buying cigarettes just coming back from a run, that he should choose one or the other, but even here, off the grid, the circle is slowly tightening around him, he's just going through channels one. night and America's Most Wanted comes on and there's his face staring back at him in search of an accused con artist and Sam thinks damn and he won't just let me go and finds out that his girlfriend Debra Ann is facing charges for aiding and abetting this.

He scares him on July 2nd. US Marshal Edie Farrow gets a surprise call from Sam's mother and she told her that Sam was on his way to turn himself in to a police department and she didn't admit it over the phone, but I think Ann was the one who spoke. to have his ticket delivered he gets on his blue scooter and prepares to turn himself in he stopped at the Granville Police Department it is a part time Police Department the chief was not on duty at the time he went further down the hill and was familiar with South Lakes he turned himself in here his real came in and announces his identity we walked into this lobby and he said he was wanted for white collar crimes they took him to the back of our building to the booking area at which time the officer put him in the computer and found out exactly what they were looking for.

I called Southwick and a sergeant called me. I said, Hi, I'm Ed Ferrell from the Marshal Service. “I told him I had a guy named Sam Israel there,” he said. Absolutely, he's standing right in front of me. I said don't let him go. Israel's escape plan ends like many of his other great plans in disarray and failure. The RV has taken over what authorities find inside. Gives a clue to Sam's intentions. The books on how to escape the country, a laminator and materials to make fake IDs, a global positioning system, the Stamper with the seal of the state of South Carolina and everything suggest that Sam hopes to remain free indefinitely, but other elements suggest that the ability Israel's mind may be afraid of stress and painkillers and that his plans are mostly delusional.

Here we have a David Sam Clap Special Forces ID with various weapons ratings on the back and there is also his military assistance command card which states that the bearer of this document is acting under direct orders from the President of the States United States and therefore not detained or questioned in June 2009. Deborah Ryan is sentenced to probation for her role in helping Israel escape. Sam faces an additional 10 years of his original 20-year sentence When he appears in court he appears disoriented He had none of the arrogance one would expect from anyone who promotes himself as some kind of genius investor He talked a lot about his physical ailments how he had undergone 12 spinal surgeries he had two rods in his back and ten screws in his back and that he was in a lot of pain and he didn't want to cause any more harm to his family or embarrassment to his family who were quite devastated by what had happened . he had done with his life what he had done with the lives of his family.

Finally, Israel is given two more years on top of his 20-year sentence as a federal prisoner. He has no chance of parole. His $500,000 bail is forfeited because he ran last. Money is a real loser. Ironically, his own family had deposited that money years earlier when he was first arrested. He is another example of how he didn't think things through and how he ended up hurting some of the people he loved the most today. What's left of Bayou is mired in bankruptcy and court proceedings as former investors try to reclaim what few assets remain. There are a lot of very sophisticated and competent people working on it.

Good lawyers and they will do what they do. And someday maybe I'll see a check and that may be a long time for them and many of the questions revolving around Sam Israel and Bayou are still unanswered: how did Israel and Bayou get out of control to such an extent and How did you let yourself be fooled by scammers who promised you the impossible? He has been absolutely forthright in acknowledging that what he did was wrong, in acknowledging that he has to pay a fine for it and that he has to live with the crushing failure here, not only in the business sense but also in the personal sense. .

Sam should be depressed. Washington testifies before the Senate Finance Committee about financial fraud and how to detect it. Sam knows how to fool Israel, he is a criminal. I mean he didn't come in to steal but fraud is fraud and he took my money and my money is gone and he scammed me, there's no way to get a good spin on that six, SP goes up 20% then 31% The following year, however, by use, the first audit reveals a 12 percent loss in the first few years, the markets were removed, everyone is making money and here they are. By trading again they are losing money and how can they explain that there is no way in this market if they are losing money someone will hold on to them in an effort to hide the losses and attract new investors.

Israel decides to do creative accounting. Reimbursing the Commission is fun to make look more profitable technically, it's legal, but it's the beginning of a slippery slope that Sam Israel will eventually slide to the bottom of if they do this accounting trick, so to speak, reimbursing these commissions. from the stocks to the bottom and after that we're off to the races, but I think that kind of planted the seed of what was to come with this temporary plug that you put in. Soon, new investors came knocking on the door and it's a group of The money starts to grow.

Another attraction for you is that Israel does not charge the typical 2% management fee that most hedge funds charge in 1998, with apparent success by youmuu from Israel's basement to the shores of Long Island Sound in Stamford , Connecticut, June 9. 2008 police searched the Hudson River for the body of a former Wall Street darling, New York State Police did not find the body of 48-year-old Samuel Israel. Samuel is real, the third once the toast of Wall Street has fallen slightly on his hedge fund. The company disappeared, so did his family and hundreds of millions of dollars from investors, the money has disappeared.

Israel's GMC envoy was found abandoned on New York's Bear Mountain Bridge on Monday. The police find his car on the bridge. On it is a disturbing message, the word suicide is scrawled painlessly. pollen on the hood is surprising and becomes a strange story of success, pride and, ultimately, misfortune, just nine years before Israel and his company buy you funds LLC are at the top, the Dow explodes beyond the 10,000 tech stocks raging and for smart investors the money is occasionally the SP, the Nasdaq, these three indices for five consecutive years had posted double-digit percentage gains, so it was a good time to be in Wall Street, a lot of people made a lot of money, but the things they value are not as they see.

What begins as an FBI investigation into foreign transactions explodes into a full-blown investigation. He quickly says that it was huge, from him to his father and the world. Israel jumps around for a decade on Wall Street learning everything not taught in business classes. during the joyous greed, his good decade in the 80s and early 90s, so Sam was taught how to get in and out of a stock, how to fill tickets, how to be on the court, fight his way to a trade, but he also learned They told how to steal inside. information on how to beat all the scams that were basically an open joke on wall street, they weren't considered illegal because everyone was doing it, you can't catch them cheating if everyone cheats.

Israel is drawn to the fiercely competitive world of hedge funders and the free lifestyle of successful managers. Hedge funds are lightly regulated and generally invite only those wealthy enough to invest. They accept higher risks with potentially higher returns, regardless of which direction the market is heading. A hedge fund is basically an investment vehicle for sophisticated investors during the '90s. A lot of people were jumping into them, they weren't getting enough returns from the index funds or traditional mutual funds they invested in, and these hedge funds had some of the best traders managing your money. price during the 1990s it has been reported that some hedge fund managers made over a hundred million dollars a year near the Swami you are the magician you are the magician who wanted to be that by being perpetrated by his investors in the center is Samuel Israel, the third, perhaps one of the most unlikely con artists to ever take on Wall Streetgoing around, it really blew up very quickly and once the checks bounced, everything fell apart.

Now Israel's abandoned car is on the bridge and his body is nowhere to be found. It's just the latest detour on the wild journey of Sam Israel, born in Louisiana in 1959. Samuel Israel, the third, grows up surrounded by monetary privilege and power when he is a teenager. Sam's family moves to New York and he is exposed to a new type of beliefs. Sam told me that the people the Israels moved in with had more money than anyone and he means anyone in the world, the social circle was gritty, while Larry Tish Alan Greenspan, his grandfather, built the commercial products company basic Leon Israel and his brothers from scratch before selling it.

In 1981, money runs in Israel's blood when a young Sam heads to Wall Street but doesn't use the last name to open doors. The keys to the kingdom were offered to Sam. He didn't want it, he was determined to make it. on his own, he didn't want to trade with that family connection, that's why he became a trader at first - these were the kind of people you know who ran companies who ran countries who ran the world in 1996. Israel opens with its LLC fund in the basement of his New York home he begins short-term trading with the dream of making Bayou of Wall Street beloved.

I think if he had his idea, he would have taken my money and turned it into a good investment and been strutting around Wall Street right now as one of the great hedge fund managers of all time, that's what he wanted. His railroad brings two friends to help. Led by his investor James Marquez and accountant Dan Marino, but Sam is undoubtedly the face of Bayou. He is a friendly, affable and self-deprecating guy, a loyal friend, a generous benefactor, a confidant and a popular guy. These personality traits, along with his last name and business experience, are key to convincing people to invest in Bayou.

He knew that, to some extent, he was negotiating. Giving my money to a person, I sat in my office and cut the check and I remember I cut the check thinking this is the smartest thing or the dumbest thing I have ever done in my life and time will tell and it was, but From the beginning there are problems with Israel's investment strategies in the 1990s.