Monday, 20 October 2014
Last updated 8 hours ago
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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...