• 16 Jul 2008 at 11:22 AM

Samuel Israel: *Victim* Of Fraud

This is fantastically rich(er than the now destitute Bayou Group investors Sam Israel screwed back in the day): in 2004, desperate to raise money to save his fund, the industry’s biggest M*A*S*H fan turned to a man named Robert Booth Nichols for help in the dollars and cents department, and was himself conned out of $10 million.
According to Bloomberg, Nichols cheated Israel in a “prime bank” fraud, promising Egret Boy “quick riches in secret markets” that did not in fact exist. Now a not yet on the lam Nichols is being sued. The original Con Man, who denies any wrongdoing, claims that he was helping Israel invest in a “legitimate, though unspecified ‘project’ involving U.S. government obligations,” and had “no reason to believe Israel was engaging in fraud.”
Not saying Nichols isn’t full of shit but, as you may recall, Sam Israel is said to have believed in time travel, and before the hours got crazy over at his Ponzi-scheme, spent nights and weekends building a Delorean in his basement, which he at one point claimed to have been working on for the government. Oh, and Nichols also says that his services, which “involved matters of national interest,” had been given the okay John P. Ellis, “a first cousin of President Bush.”
So anyway…if your brain hasn’t yet exploded, take some time this afternoon to try and dig up Nichols’s business card. It has got to be as least as valuable as Israel’s, and if the stories that Con Man #1 liked to get even friskier when it came to a love of plumage that dared not speak its name and their subsequent renderings on his b-card than #2, perhaps more so.
Bayou’s Israel Was Cheated in Scam, Investigator Says [Bloomberg]

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Comments (6)

  1. Posted by Anal_yst | July 16, 2008 at 11:43 AM

    Fire up your flux capacitors kids, we’re goin for a ride on the crazy train!

  2. Posted by lemmerdeur | July 16, 2008 at 11:52 AM

    Who in God’s sullied Name gave these people money?

  3. Posted by Anal_yst | July 16, 2008 at 11:58 AM

    @ lemmerdeur
    something about a fool and his (her) money being lucky enough to get together in the first place…

  4. Posted by guest | July 16, 2008 at 12:15 PM

    How can anybody who has access to Google still get sucked into the classic “prime banking” or “secret markets” scam?

  5. Posted by michange | July 16, 2008 at 12:57 PM

    Nichols’ business card : I bet on a Cuckoo!

  6. Posted by Lowly Assistant | July 16, 2008 at 1:41 PM

    Great Scott!