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.
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.
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