This week’s CNBC episode of American Greed profiles our second, make that third, favorite scam artist, Arthur Nadel.
The so-called ‘Wizard of Sarasota’ (a name clearly made up by the folks at CNBC) bilked investors in his six hedge funds out of $162 million. While he wasn’t as creative as our second favorite fraudster Samuel 'suicide is painless' Israel when writing his goodbye note, just like Sammy, he is very much alive and is now kicking it in a federal penitentiary—the Butner Federal Correctional Complex to be exact. He’s is good company, Butner is where arch-fraudster Bernie Madoff is spending his remaining days. So, if you haven’t gotten your fill of frauds with our Hall of Justice section, you may want to tune in (see trailer below).
The U.S. Commodity Futures Trading Commission (CFTC) ordered The Goldman Sachs Group Inc., and Goldman, Sachs & Co. to pay a $120 million penalty for attempted manipulation and false reporting of ISDAFIX Benchmark Rates, a global benchmark for interest rate products.