Baird claimed S-Ray had developed an innovative ultrasound device that could take the place of X-rays, allowing dentists to quickly and safely image patients’ mouths. Baird falsely told investors that the Food and Drug Administration (FDA) had granted S-Ray “market clearance” to sell the device when, in fact, S-Ray never obtained FDA authorization to sell any device.
Seattle – Stephen Baird, the former CEO of S-Ray, Inc., pleaded guilty today in U.S. District Court in Seattle to wire fraud, announced U.S. Attorney Tessa M. Gorman. Baird, 68, formerly of Bainbridge Island, Washington, defrauded investors by making false statements about S-Ray’s product development and falsely claiming the company had obtained FDA authorization to market a dental device. Baird is scheduled for sentencing by U.S. District Judge Richard A. Jones on August 2, 2024.
Charging documents allege Baird’s scheme began in 2012 and defrauded some 200 investors of $10.75 million. The documents allege Baird told investors their funds would be used to bring a product to market, but Baird instead used at least 62% of the money – some $6.7 million – for his and his family’s personal expenses, including to purchase a luxury car and a house on Bainbridge Island.