Wednesday, 1 October 2014
Last updated 3 hours ago
Oct 19 2010 | 1:43am ET
Prosecutors have asked a federal judge to throw the book at hedge fund fraudster Arthur Nadel, seeking what would amount to a life sentence for the Ponzi schemer.
In a sentencing memorandum submitted last week, Reed Brodsky, an assistant U.S. attorney in New York, asked U.S. District Judge John Koeltl to sentence Nadel to between 19½ and 24 years in prison for defrauding investors of $162 million. The request comes after Nadel's lawyers asked the judge to sentence him to just five years—and seeks almost twice as much prison time as Nadel's plea deal calls for, 12 years and 7 months.
"He wreaked havoc and devastation on the peaceful lives of at least 390 people across the country," Brodsky wrote. "He was nothing more than a professional con man."
If Koeltl accedes to the prosecution's harshest demand, Nadel would almost certainly die in prison. The fraudster is 77 years old and his lawyer says he is in failing health.
Nadel pleaded guilty in February to 15 counts of securities, wire and mail fraud. He will be sentenced on Oct. 21.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...