Nadel Drops Bid To Appeal Sentence

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.

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