Thursday, 24 July 2014
Last updated 13 hours ago
Feb 12 2009 | 2:07am ET
Accused hedge fund fraudster Arthur Nadel arrived in New York, where he faces federal charges of securities and wire fraud. He is expected to make his first court appearance in Manhattan tomorrow.
The 76-year-old was transferred to Manhattan from Oklahoma City, where he had been moved on Friday from a county jail in Florida. He surrendered to authorities in Tampa, Fla., almost two weeks after disappeared in January. In addition to the criminal charges, Nadel also faces civil fraud charges brought by the Securities and Exchange Commission.
His lawyer said earlier this week that his client would seek bail in New York. His bid for freedom was denied earlier this month by a federal judge in Tampa.
Meanwhile, on Nadel’s home turf, a the receiver in the case has frozen his wife’s trust fund and moved to seize a tract of land the Nadels own.
The receiver, Burton Wiand, announced yesterday that he has frozen the Marguerite J. Nadel Revocable Trust. That trust contains $650,000, which Wiand says are the fruits of Nadel’s alleged Ponzi scheme.
Wiand also moved to seize 430 acres of land the Nadels own near Asheville, N.C., into which Nadel allegedly poured some $2.9 million in funds from his Scoop Capital Management. The Nadels had planned to build a residential development on the property.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…