Nadel Receiver Finishes Job On Waxenberg Hedge Fund Fraud

Apr 13 2011 | 4:27pm ET

Burton Wiand, the court-appointed receiver in the Arthur Nadel Ponzi scheme, will soon have some more time to focus on recovering assets from that fraud.

Wiand is set to wind up the receivership of another hedge fund fraudster, Howard Waxenberg, shortly. Victims of the $140 million scam will receive their final payments shortly, Wiand said.

Waxenberg's scheme cost investors some $36 million; Wiand said victims should get at least 28% of their losses. Waxenberg committed suicide in 2005, leading the SEC to seize his firm and assets.

Investors have already been paid $10.2 million by Wiand; a federal judge recently approved the final $274,276 in payouts.

Waxenberg launched his hedge fund in California after being barred from the securities industry for lying to investors. He later moved to Bradenton, Fla., which sits in between Nadel's base in Sarasota and Wiand's office in Tampa.

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