Nadel Victims Get First Payments

May 10 2012 | 10:32am ET

Less than a month after the death of the man who defrauded them of their money, Arthur Nadel's victims are finally set to get their first payouts.

U.S. District Judge Richard Lazzara has approved the first distribution of $26 million, more than three-quarters of the money they've recovered from the $162 million Ponzi scheme. The payouts amount to about 20% of the 340 approved claims in the case.

The first checks went out on Monday.

Receiver Burton Wiand is still pursuing further recoveries for victims.

"I am delighted to have reached the point in time when the victims of Mr. Nadel's crimes can begin to receive a return of some of the funds that they had lost."

Nadel died on April 16 at the North Carolina federal prison where he was serving a 14-year sentence. He pleaded guilty two years ago to running a decade-long fraud, admitting that he made up his six hedge funds' net asset values and wildly overstated their performance.


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.