Former CEO of S-Ray Stephen Baird Indicted for Fraudulent Stock Solicitations
Former CEO of S-Ray Stephen Baird has allegedly defrauded investors, promising that S-Rays ultrasound device would deliver. The ultrasound device was never developed, and investors lost more than $10 million.
Former CEO of S-Ray Stephen Baird Indicted for Fraudulent Stock Solicitations. Photo courtesy of JHVEPhoto/stock.adobe.com.
The former CEO of dental device company S-Ray has been indicted by a grand jury for 10 counts of wire fraud. Stephen Baird was alleged to have defrauded over 200 investors of more than $10.7 million by making false statements to investors, according to United States Attorney Nick Brown.
“Mr Baird is charged with defrauding investors for over a decade, falsely claiming that his company was on the cusp of making millions of dollars by selling a product that, in fact, never existed,” Brown says in a press release from the United States Attorney’s Office. “Instead of developing the device, he is charged with secretly diverting investor funds to his own personal use, such as a private residence and luxury car. It’s time to hold Mr Baird accountable.”
This supposed ultrasound device was promised by Baird to replace standard x-rays, and was said to not only offer optimal results, but was also supposedly cleared by the United States Food and Drug Administration (FDA). This device was never developed, and S-Ray never received clearance by the FDA. Baird terminated all of S-Ray employees in 2017, and Baird’s Chief Technology Officer left in 2019. Despite this, Baird was alleged to have told investors in 2020 that the company was worth $400 million, soliciting investments until March 2021.
Baird allegedly used at least $6.7 million of the investor money for personal expenses, and investors lost all of their investments by the end of 2021. Baird is being charged with wire fraud, with 5 counts being for emails sent or approved by Baird to investors, with the other 5 relating to deposits of investment funds. The Securities and Exchange Commission filed a civil securities fraud action against Baird and S-Ray in March 2022.
On January 6, 2023, civil penalties were imposed against S-Ray and Baird, and Baird has been held liable for disgorgement of investment funds and enjoined from serving as an officer or director of certain companies. Baird is scheduled to be arraigned on the indictment February 16, 2023.
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