SEATTLE — A judge has issued an arrest warrant for former Bainbridge Island resident Stephen Baird after he failed to appear for sentencing in a $10.7 million fraud scheme, according to the Department of Justice.
Baird, 69, former CEO of S-Ray, Inc. failed to show up for sentencing in U.S. District Court in Seattle.
U.S. Attorney Tessa M. Gorman said Baird defrauded investors by making false statements about S-Ray’s product development and falsely claiming the company had obtained FDA authorization to market a dental device.
Baird was indicted in February 2023 and pleaded guilty in May 2024.
His failure to appear means he may face additional prison time for violating his appearance bond, said Gorman.
The release says Baird’s scheme began in 2012 and defrauded some 200 investors of $10.75 million.
Baird told investors their funds would be used to bring a product to market, but Baird instead used more than half of investors’ money, at some $5.7 million, for his and his family’s personal expenses, including purchasing a luxury car and a waterfront house on Bainbridge Island, said Gorman.
Gorman said many of the investors were in court Friday.
According to the release, some investors lost their entire retirement savings, and the college tuition 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.
If anyone knows of his whereabouts, they are asked to contact the FBI at 206-622-0460 and ask for the duty agent.
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