Nadel Receiver Nets Another $1.5M

Feb 23 2011 | 7:33am 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

Q&A: Star Mountain's Brett Hickey On Investing In 'The Growth Engine Of America'

Sep 22 2017 | 5:06pm ET

Lower middle-market companies form the economic fabric of the nation, but they can...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Don’t Overlook These 6 Hybrid Cloud Concerns

Sep 14 2017 | 6:27pm ET

Cloud-based technology solutions have made tremendous inroads into the alternative...

 

From the current issue of

With NFL season on the horizon, it’s time to take a look at our Fantasy Football value picks. Last year, we nailed it on Drew Brees, Jordan Howard, Frank Gore and Dwayne Allen. We missed pretty badly on Duke Johnson, Demaryius Thomas, Mohammed Sanu and Eli Manning.