Nadel May Cop A Plea

Feb 9 2010 | 12:02pm ET

Accused hedge fund fraudster Arthur Nadel and the prosecutors who have charged him with running a Ponzi scheme are talking deal.

In a letter to U.S. District Judge John Koeltl, Nadel’s public defender said that he was negotiating a plea agreement.

“The parties have been engaged in an effort to resolve this case short of a trial and believe that it is very likely that there will be a disposition within the next two weeks,” Mark Gombiner wrote on Friday.

Nadel’s trial is set to begin at the end of April. He has been jailed in New York for a year, accused of defrauding investors in six Florida hedge funds he managed of $168 million.

Until now, Nadel has vociferously denied any wrongdoing and pledged to fight the charges. But the 77-year-old has also suffered with poor health since he surrendered to authorities last February, and has been battling for months to be released on parole. He currently faces 15 counts of securities, mail and wire fraud, and faces spending the rest of his life in prison if he is convicted.

Judge Koeltl asked Gombiner to update him on the status of negotiations by Feb. 16.


In Depth

Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

Dec 21 2014 | 10:30am ET

Texan Allen Stanford first appeared on the radars of financial regulators in 1997...

Lifestyle

Hedgie Funds US Squash Program

Dec 24 2014 | 8:46am ET

Squash, anyone?

Guest Contributor

EidoSearch’s Top Three Market Projections For 2015

Dec 23 2014 | 4:03am ET

It is that time of year again when prognosticators make their big market calls for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.