Friday, 26 December 2014
Last updated 1 day 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.