Did Hedge Fund CEO Fake Suicide?

Authorities combed through New York’s Hudson River yesterday, searching for Samuel Israel III, who was scheduled to begin serving a 20-year prison term for fraud on Monday, according to Financial Week.

With no body found, the FBI and the U.S. Marshal’s Service have expanded their search for the 48-year-old millionaire who masterminded a scheme that resulted in losses of $400 million over eight years by the Bayou Group hedge fund while he and his partners pocketed the cash.

“We haven’t found him yet,” Tim Miller, a New York State Police investigator told FW. Miller said that the FBI and U.S. Marshal’s Service are looking for a person while the state police search for a body. Suspicions have been heightened as bodies of suicide jumpers are found relatively quickly, according to police.