Dental imaging firm ex-CEO ditches $11M fraud sentencing

UPDATE: Stephen Baird has been found dead, according to the U.S. Department of Justice. More to come here on DrBicuspid.com.

The ex-CEO of a dental imaging system firm who allegedly defrauded investors out of nearly $11 million by claiming to have developed an ultrasound device that could replace dental x-rays but which never existed skipped out on sentencing, according to the U.S. Department of Justice.

Stephen Baird. Image courtesy of the U.S. Department of Justice.

An arrest warrant was issued for Stephen Baird, 69, the former CEO of S-Ray who pleaded guilty in May 2024, after he failed to appear for his sentencing hearing in U.S. District Court in Seattle, according to a press release dated October 25 from the U.S. Attorney's Office for the Western District of Washington.

Baird faced up to 20 years in prison for the fraud charges but now faces additional time for not appearing for sentencing, according to the release.

In February 2023, Baird, formerly of Bainbridge Island, WA, was indicted for allegedly defrauding investors by making false statements about S-Ray's product development and falsely claiming the company had obtained authorization from the U.S. Food and Drug Administration (FDA) to market an ultrasound device. S-Ray never created a device or a prototype that could be used in dentistry, it was never close to offering any product for sale, and it never received any authorization from the FDA.

Baird is accused of defrauding 200 investors of about $10.75 million. Baird told investors their funds would be used to bring the product to market, but instead, he is accused of using more than half of the money for personal expenses, including buying a luxury car and a waterfront house on Bainbridge Island, according to the release.

Investors were in court on October 25 ready to testify about the lies Baird told them. Some investors lost all of their retirement savings and college tuition for their children and grandchildren. A 94-year-old investor reportedly lost so much money that he was forced to choose between paying for medications and other daily living expenses, according to the release.