After 23 Days, Fugitive Financier Surrenders

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Samuel Israel III, a fugitive hedge-fund manager, surrendered to police on Wednesday at the urging of his mother, capping a 23-day odyssey that began when he faked his own suicide the day he was to begin a 20-year prison term.

The move brought to an anticlimactic close a high-profile Wall Street scam. Mr. Israel, 48 years old, and other executives of Bayou Management LLC, had been charged with defrauding investors of more than $400 million. Federal officials said Wednesday they were set to distribute to investors $115.6 million forfeited by Bayou.

Mr. Israel had ...