Swindler admits he skipped out on prison

(AP) - Hedge-fund swindler Samuel Israel admitted in court Monday that he went on the lam last year rather than report to prison.

Israel is a co-founder of Stamford, Conn.-based Bayou hedge funds. He has never denied that he faked his suicide and took off in an RV for nearly a month before surrendering in Southwick, Mass.

The 49-year-old Israel, of Armonk, pleaded guilty in White Plains to a federal charge of failing to surrender. He told Judge Kenneth Karas that he knew he was supposed to report to prison last June.

Israel faces as much as 10 years on top of the 20-year term he received for bilking hundreds of million of dollars from investors. Sentencing is June 24.

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