Nadel Claims Deadline Tomorrow

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.


In Depth

Direct Lending: What’s Different Now?

Mar 14 2017 | 8:43pm ET

Senior direct lending funds have become riskier over the past four years, with leverage...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...

 

From the current issue of