Stephen Baird and S-Ray ultrasound company alleged to bilk dentist investors >$10 million
Home > Hall of Shame > Stephen Baird and S-Ray ultrasound company alleged to bilk dentist investors >$10 millionStephen Baird and S-Ray ultrasound company alleged to bilk dentist investors >$10 million
Update Oct 2024:
An arrest warrant was issued for Stephen Baird for failing to appear at his sentencing hearing.
Original Story
S-Ray, a company founded by Stephen Baird, 66, of Terrebonne, Oregon was intended to revolutionize dental imaging. It raised over $10 million in funding, predominantly from dentists who invested in the company. No new product was ever developed, and it is alleged that money intended for developing the product went to other purposes such as the personal living expenses of Baird.
Stephen Baird's legal issues
Both S-Ray and Stephen Baird face lots of legal trouble. First, a federal grand jury has indicted Baird for ten counts of wire fraud. Details are HERE.
Also the Securities and Exchange Commission is taking S-Ray and Baird to court, seeking "disgorgement" of amounts invested in the company.
You can read about the SEC's court proceeding HERE.
As of this date, the website for the company is still active and still soliciting investments.
Related reading: Electronic Funds Transfers – 7 Reasons they are Dangerous
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