Wednesday, 26 October 2016
Last updated 1 min ago
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.