Thursday, 23 October 2014
Last updated 15 hours ago
Mar 10 2011 | 11:43am ET
Hedge fund fraudster and Ponzi scheme mastermind Arthur Nadel will not appeal his 14-year prison sentence.
The Florida con-man, who pleaded guilty to defrauding investors in his Scoop Management hedge funds of $168 million, had filed a notice of appeal in December. But facing long odds and a March 30 deadline, he withdrew the notice on Feb. 25.
"I wouldn't expect to see anything else," his lawyer, Mark Gombiner, told Nadel's hometown newspaper, the Sarasota Herald-Tribune. "The plea agreement basically precluded us from appealing."
Indeed, Nadel pledged not to file a "direct appeal" if he received less than 24 years in prison, and at his October sentencing, U.S. District Judge John Koeltl warned Nadel that he had waived his right to appeal.
The 78-year-old is currently serving his sentence at a low-security prison in the same corrections complex as arch-Ponzi scheme Bernard Madoff, in Butner, N.C.
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…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...