Wednesday, 7 October 2015
Last updated 1 min ago
Jan 27 2009 | 12:43pm ET
Arthur Nadel is missing no more. The Florida hedge fund manager accused of defrauding investors in a $350 million Ponzi scheme was arrested this morning.
Nadel turned himself in to the Federal Bureau of Investigation in Tampa, Fla., about 60 miles north of his Sarasota home, at 9:45 a.m. He was accompanied by two attorneys. The Feds had been looking for the Scoop Management chief for a little more than a week; he disappeared two weeks ago.
Nadel is set to appear in federal court in Florida today, although criminal charges against him have been filed in New York, the FBI said. He faces a count apiece of securities fraud and wire fraud, according to CNBC, although the charges have not yet been unsealed. He has already been charged by the Securities and Exchange Commission with lying about the value of six hedge funds he managed. The regulator also said that he transferred more at least $1.25 million from two of the funds to a secret bank account, and that there is now less than $1 million in the funds.
Oct 7 2015 | 4:57am ET
Charity A Leg To Stand On (ALTSO) will hold its 12th Annual Hedge Fund Rocktoberfest – NYC on October 15 and its 4th Annual Rocktoberfest - Chicago on October 22. Read more…