Fraudster Nadel Dead At 80

Apr 17 2012 | 2:27pm ET

Arthur Nadel, the Ponzi schemer who defrauded his hedge fund clients of $162 million, has died.

The Federal Bureau of Prisons Web site lists Nadel, who had served about a year-and-a-half of the 14 year sentence he received in 2010, as deceased. Nadel was 80 years old.

It is unclear precisely when Nadel died, or what the cause of death was. His attorneys had warned that their client was an "old, frail human being who does not have very much longer to live" prior to his sentencing. Mark Gombiner, the fraudster's lawyer, at the time predicted that the 14-year term amounted to "a life sentence."

"Dying behind prison walls is a very hard way for anyone to leave this world," Gombiner told the Sarasota Herald-Tribune. "Arthur had a troubled life, but he took his punishment with dignity."

Nadel pleaded guilty in February 2010 to running a decade-long fraud, admitting that he made up his six hedge funds' net asset values and wildly overstated their performance. The Scoop Management founder had been incarcerated since his arrest in January 2009,  after two weeks on the run.

Nadel died at the federal prison facility in Butner, N.C. That prison houses fellow fraudster Bernard Madoff, who is serving a 150-year sentence and is also likely to die there.


In Depth

Q&A: Open Season For Closed-End Funds

Aug 29 2014 | 10:00am ET

When Maury Fertig and Bob Huffman, former Salomon Brothers coworkers, launched...

Lifestyle

Och Funds Women In Finance Initiative At U-M

Aug 28 2014 | 3:01pm ET

Och-Ziff Capital founder Daniel Och and his wife have made a "generous donation"...

Guest Contributor

Looking Ahead: What’s In Store For Managed Futures?

Aug 22 2014 | 12:52pm ET

The last five years were phenomenal for investors in equity indices. Will the next...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    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…

 

Futures Magazine

July/August 2014 Cover

The time was right

Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.