Monday, 24 November 2014
Last updated 6 hours ago
Sep 1 2010 | 10:51am ET
Victims of hedge fund fraudster Arthur Nadel’s $400 million Ponzi scheme have until tomorrow to file a claim for restitution.
Proof of claim must be mailed to the Nadel receivership estate in Tampa, Fla. Nadel’s Scoop Management ran three hedge funds, and the 77-year-old also managed three other hedge funds on behalf of Neil and Christopher Moody, whom Nadel implicated in his February guilty plea. Investors lost some $162 million in the fraud.
Through April, court-appointed receiver Burton Wiand had recovered only $8.8 million for the victims, although he had more than 100 lawsuits, seeking more than $71 million, pending.
Nadel is set to be sentenced in October, and faces more than 24 years in prison.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
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