Wednesday, 27 August 2014
Last updated 4 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…