Saturday, 1 August 2015
Last updated 1 day 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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…