Nadel Receiver Starts To Sell

Mar 8 2010 | 1:09pm ET

It’s been little more than a week since hedge fund fraudster Arthur Nadel pleaded guilty to defrauding investors of $162 million. But the court-appointed receiver in the case is wasting no time selling off pieces of Nadeliana.

Burton Wiand, who has been charged with finding, collecting and liquidating the assets of Nadel and his Scoop Management for the benefit of his victims, is beginning to sell off the convicted scammer’s belongings. Tomorrow, he’ll list the 2006 Subaru Nadel used to flee as his hedge funds collapsed on eBay. Nadel remained on the lam for two weeks last January before surrendering to authorities.

“It’s a piece of history,” Wiand told the Tampa (Fla.) Tribune. “It adds a little entertainment value.”

Wiand has already used the online auction site to good effect, selling a pink Jeep owned by the wife of one of Nadel’s business partners for nearly twice what it was worth.

The receiver will also sell off some of Nadel’s art: a print of a sad clown reading The Wall Street Journal and a painting from his home, once valued at $75,000, will also go towards making his victims whole. And then there’s the jewelry, more than $1 million worth, much of it also owned by the Moodys, who owned three of the hedge funds managed by Nadel.

Wiand is also selling a series of properties and businesses owned by the Nadels and Moodys. And he might be looking to add another one: Nadel’s Sarasota, Fla., home, which prosecutors agreed not to seize as part of his plea agreement.

“I have not agreed to that,” Wiand told the Tribune. Nadel’s wife, Peg, still lives in the home.

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