Saturday, 28 March 2015
Last updated 23 hours ago
Jul 20 2010 | 12:11pm ET
Peg Nadel will not be joining her Ponzi scheming husband in prison, a federal judge ruled yesterday.
U.S. District Judge Richard Lazzara denied receiver Burton Wiand’s motion to hold Arthur Nadel’s wife, her accountant and estate attorney in contempt for failing to turn over $1.3 million in tax refund checks. Wiand filed an emergency motion on Thursday to get the checks, which Peg Nadel received from Arthur Nadel’s hedge fund firm’s 2008 tax filing.
But Lazzara dismissed Wiand’s motion after Peg Nadel turned over the two checks—one made out to her, the other to her husband—on Friday.
Peg Nadel’s accountant on Thursday said his client never intended to cash the checks. Asked by the judge yesterday why she hadn’t turned them over, Nadel cited her precarious financial position. Her accountant, Michael Zucker, acknowledged he erred when he told her to “put them under the mattress” rather than turn them over to Wiand.
Nadel pleaded guilty in February to defrauding investors in his six hedge funds of $168 million. He faces up to 24 years in prison when he is sentenced in September.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…