Sunday, 24 July 2016
Last updated 2 days ago
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.