Monday, 22 December 2014
Last updated 2 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.