Wednesday, 22 October 2014
Last updated 13 hours ago
Feb 11 2009 | 2:39am ET
Accused hedge fund fraudster Arthur Nadel hopes that judges in New York are more lenient than those in his home state of Florida.
Nadel, who has been charged with defrauding investors to the tune of $300 million, plans to seek bail when he faces a federal judge in the Big Apple. It’s unclear how he’ll fare: Nadel disappeared for two weeks, leaving only days before his alleged Ponzi scheme was uncovered. U.S. District Judge Mark Pizzo in Tampa, Fla., rejected Nadel’s bid for freedom earlier this month, noting that he was unable to put up a significant bond and that “there is a quantifiable risk and simple house arrest with electronic monitoring doesn’t resolve the matter.”
“We are planning to seek a review of the detention order in New York,” Nadel’s lawyer, Todd Foster, told Reuters.
Nadel is currently at a federal prison in Oklahoma City, where he was taken from a Florida county jail on Friday. It is unclear when he will make his way to New York to face federal securities and wire fraud charges.
He has also been accused by the Securities and Exchange Commission of telling investors the six hedge funds he ran were worth $300 million when in fact they had less than $1 million in assets. Nadel managed three of the funds for his own Scoop Management and the other three as a subadviser for Valhalla Management and Viking Management, and collected some $95.5 million in management, advisory and incentive fees from 2003 to 2008. He is also accused of transferring at least $1.25 million from two funds to a secret bank account he controlled.
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 ...