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.

In Depth

Related-Company Fees: Normal Industry Practice or Conflicted Compensation?

Nov 11 2015 | 4:23pm ET

Regulatory agencies as well as investors are increasingly exploring whether certain...


Ferrari Roars in Wall Street Debut

Oct 21 2015 | 4:28pm ET

Shares of supercar maker Ferrari jumped as much as 15 percent to a high of nearly...

Guest Contributor

Private Debt - What is the Opportunity?

Nov 11 2015 | 3:28pm ET

In this contributed article, Rob Allard, founding partner of Firebreak Capital...


Editor's Note

    Oct 21 2015 | 10:41am ET

    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…