Ponzi Schemer Barred From Breaking The Law Again

Aug 27 2010 | 10:28am ET

Just in case Ponzi schemer Arthur Nadel ever sees the light of day again—the 77-year-old faces at least 12 years in prison when he is sentenced—a federal judge has moved to ensure that his victims are compensated, and that he’ll never do it again.

U.S. District Judge Richard Lazzara has made permanent a 19-month-old injunction against Nadel, ordering him to turn over the $162 million he made from his hedge fund scam and barring him from ever again violating federal securities laws. Nadel consented to the action as part of his settlement of Securities and Exchange Commission charges against him stemming from his $400 million Ponzi scheme.

Nadel had already agreed to forfeit the $162 million when he pleaded guilty to securities, wire and mail fraud in February. He is to be sentenced in October and faces up to 24 years in prison.


In Depth

Fundraising for Mid-Sized PE Funds: Should You Use a Registered B/D?

Dec 6 2016 | 7:18pm ET

When does a fund sponsor need to use a registered broker/dealer when raising capital...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Since the inception of Modern Trader, a core editorial theme has centered on the wisdom and power of crowds. Editorial emphasis has focused on companies and projects engaged in the collection and analysis of information. 

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR