Tuesday, 31 March 2015
Last updated 8 min 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.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…