Hedge fund fugitive turns himself in -- did he run out of gas?

It turns out that former hedge fund manager and convicted swindler Samuel Israel III did not in fact kill himself. As I, and others, have suspected, he headed for the border after faking his suicide on June 10, the day he was suppose to start serving a 20 year sentence for fraud. But it wasn't the border we thought it was. Instead of Mexico or Argentina, it seems that he headed for . . . Massachusetts.

According to DealBook, Israel popped into a police station in Southwick, Mass., "near the Connecticut border," to turn himself in. He was talking to his mother on a cell phone at the time. No word on what he was saying, but "Hi Mom, I'm going to jail now" probably gets us pretty close.

Israel's disappearance was the subject of much speculation. His SUV was found near a bridge that spans the Hudson River, with the words "suicide is painless" written in the dust on the hood. But the police figured out pretty quickly that the implied suicide was a fake and arrested his girlfriend as an accomplice in his plot to escape prison. Soon after, a photograph of the ratty camper Israel was apparently living in was circulated in the press.

We now know he didn't get very far in that old camper, less than a hundred miles. Was it the cost of gasoline and the lousy mileage of that big V-8 engine? Maybe when Israel was setting aside the escape money he knew he would eventually need, he didn't realize that gas would cost so much in 2008. I suppose high gas prices are hurting everyone these days, even high-flying, big money charlatans like Samuel Israel.