Nadel Receiver Nets Another $1.5M

Feb 23 2011 | 6:33am ET

While Irving Picard gets all the press, another court-appointed receiver in another Ponzi scheme case continues to work diligently to recover money for victims.

Burton Wiand, the receiver in the Arthur Nadel case, isn't making headlines with billion-dollar battles against banks and sports team owners, as is the Madoff case's Picard. But four months after Nadel was sent to prison for 14 years, Wiand announced another $1.5 million collected for Nadel's victims, who lost about $168 million.

Wiand said he has settled clawback lawsuits against seven investors this year, netting some $901,250 in false profits from investors. He has also—after much difficulty—sold a small building in Tupelo, Miss., owned by Nadel for $715,000, reaping another $650,000 for investors.

Wiand had sought $925,000 for the building, which houses a Starbucks coffee shop, when he first listed it, after failing to sell it sans broker on his Web site. Three deals for the building fell through before the most recent succeeded.

Nadel bought the building for $941,000 six years ago.

All told, Wiand has recovered just a fraction of total losses in the scam, including $13.2 million of the estimated $53 million in Ponzi scheme payments made by Nadel.

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