Nadel Moved To New York; Wife’s Assets Frozen

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.


In Depth

Virtu Celebrates Another Year Without a Single Day of Losses

Feb 26 2015 | 9:05am ET

High-frequency trading firm Virtu Financial Inc. reported another year without a...

Lifestyle

Hedge Fund Manager Out as Minnesota Wild Minority Owner

Feb 25 2015 | 2:45pm ET

New York hedge fund manager Philip Falcone is no longer a minority owner of the...

Guest Contributor

Risk: How To Get In Front Of The Problem

Feb 26 2015 | 9:53am ET

In considering the topic of risk in the hedge fund world, specifically, the oversight...

 

Editor's Note