Seattle City Wire

Stephen Baird, the former CEO of S-Ray, Inc., is now a fugitive after failing to appear for his sentencing in U.S. District Court in Seattle. U.S. Attorney Tessa M. Gorman announced that Baird, formerly of Bainbridge Island, Washington, defrauded investors by making false statements regarding S-Ray’s product development and falsely claiming FDA authorization for a dental device. Indicted in February 2023 and having pleaded guilty in May 2024, Baird now faces additional prison time for violating his appearance bond. Judge Richard A. Jones has issued an arrest warrant.

Authorities urge anyone with information on Baird's whereabouts to contact the FBI at 206-622-0460 and ask for the duty agent.

Baird's fraudulent activities began in 2012, affecting approximately 200 investors who lost a total of $10.75 million. Instead of using the funds to bring a product to market as promised, Baird diverted over half—around $5.7 million—for personal expenses such as purchasing a luxury car and a waterfront house on Bainbridge Island.

Many victims were present in court prepared to share their experiences of financial loss due to Baird's deception. The fraud resulted in some investors losing their entire retirement savings and college funds meant for their children and grandchildren. For one 94-year-old investor, it meant choosing between essential medications and other daily needs.

The United States Attorney’s Office is pursuing forfeiture of a ranch property in Terrebonne, Oregon that was purchased with proceeds from the fraud. A preliminary order of forfeiture has been entered concerning this property.

The FBI is conducting the investigation into this case, which is being prosecuted by Assistant United States Attorneys Seth Wilkinson and Jehiel Baer, along with Special Assistant United States Attorney Jessica M. Ly.