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.


In Depth

Fitch Says Alternative Asset Managers 'Stable' Despite Dry Powder

Nov 20 2014 | 9:30am ET

Ratings agency Fitch says the outlook for seven publicly traded alternative asset...

Lifestyle

Cohen Buys $101 Million Sculpture

Nov 12 2014 | 9:17am ET

Steven Cohen was the sole bidder for a rare Alberto Giacometti sculpture at Sotheby...

Guest Contributor

Why The Big Money Is Going To Europe

Nov 14 2014 | 6:03am ET

Peer-to-peer lending was invented with the individual investor in mind. But despite...

 

Sponsored Content

    For Hedge Funds, Mastering Data Is Key To Success

    Nov 4 2014 | 9:45am ET

    Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…

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

November 2014 Cover

Building a better market

Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...

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.