Monday, 20 October 2014
Last updated 2 days 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...