Stephen Baird, $10.7M Fraud, Washington 2024
A Bainbridge Island man is wanted for failing to appear for sentencing in a massive $10.7 million fraud scheme, announced U.S. Attorney Tessa M. Gorman.
Stephen Baird, 69, the former CEO of S-Ray, Inc., was indicted in February 2023 and pleaded guilty in May 2024. He was scheduled to appear in U.S. District Court in Seattle for sentencing, but failed to show up.
As a result, Judge Richard A. Jones issued a warrant for his arrest, and Baird may face additional prison time for violating his appearance bond.
The FBI is seeking the public's help in locating Baird, who can be contacted at 206-622-0460 and ask for the duty agent.
Baird's scheme, which began in 2012, defrauded some 200 investors of $10.75 million. He told investors their funds would be used to bring a product to market, but instead used more than half of investors' money—at some $5.7 million—for his and his family's personal expenses, including to purchase a luxury car and a waterfront house on Bainbridge Island.
Many of the investors were in court today, ready to speak about the web of lies Baird told to take their money. Some investors lost their entire retirement savings, the college tuitions for their children and grandchildren, and for one 94-year-old investor the loss means choosing between medications and other daily needs.
The United States Attorney's Office is seeking forfeiture of a ranch property in Terrebonne, Oregon, that Baird purchased using proceeds of the fraud. The Court has entered a preliminary order of forfeiture with respect to this property.
The case is being investigated by the FBI. The case is being prosecuted by Assistant United States Attorneys Seth Wilkinson and Jehiel Baer, and Special Assistant United States Attorney Jessica M. Ly.
Key Facts
- State: Washington
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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