Thursday, August 7, 2008

Not So Fast - Judge Rejects Attempted Plea by Former Hedge Fund CEO

The WSJ Law Blog has an interesting post regarding Samuel Israel's attempt to plead guilty yesterday.

It was over a month ago that Samuel Israel III — the hedge-fund-CEO-turned-felon-turned-fugitive who disappeared on the day he was to report to prison for a 20-year sentence — surrendered to police in Massachusetts. Yesterday, the 49 year-old Israel, former CEO of defunct hedge-fund Bayou, appeared before U.S. District Judge Kenneth Karas in White Plains and attempted to plead guilty to jumping bail, an offense that could net him another 10 years in prison. But Judge Karas wasn’t having it.

“The fact there is some doubt about [your competence] makes it imprudent to go forward today,” said Karas, after being told by Israel that he was using methadone to wean himself from fentanyl patches — a prescription painkiller. (In June, just before Israel was to report to prison, his SUV was found abandoned on a bridge in New York’s Westchester County with the words “suicide is painless” scrawled in the dust on the hood.

The WSJ Law Blog post can be found here.

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