Monday, 22 December 2014
Last updated 1 hour ago
Feb 25 2009 | 11:52am ET
While accused hedge fund fraudster Arthur Nadel returns to court today in an effort to win back his freedom, two partners are trying to get their jewelry back.
Neil and Christopher Moody, who have not been charged with a crime but have been sued by a Nadel client, have asked a Florida judge to give them back $675,000 in gems and jewelry they financed to sell to a store, the Sarasota Herald-Tribune reports. The judge created a receivership to seize the jewels two weeks ago, after investor Louis Paolina sued the Moodys, alleging they lied to him about the performance of the Viking Fund, once of the hedge funds subadvised by Nadel.
According to Paolino’s suit, the Moodys used management fees earned on Nadel’s fraud to buy the jewelry.
A lawyer for the Moodys filed a motion last week to dissolve the receivership, arguing that there is no legal reason to hold the assets.
Meanwhile, in New York, Nadel will be back in court, as his attorneys and prosecutors spar over whether the Scoop Management chief, accused of ripping off investors to the tune of $300 million, should be released on bail to his Florida home.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.