Monday, 1 September 2014
Last updated 2 days ago
Apr 29 2009 | 2:21am ET
Almost three months after his arrest, hedge fund manager Arthur Nadel has been indicted on fraud charges.
A federal grand jury in New York approved a 15-count indictment of Nadel, including charges of securities, mail and wire fraud. If convicted, the 76-year-old founder Sarasota, Fla.-based Scoop Management would likely spend the rest of his life in prison; each count of the indictment carries up to 20 years.
Nadel plans to plead not guilty during a court appearance on Thursday, his lawyer said.
According to prosecutors, over a 10-year span, Nadel ripped investors in six hedge funds he managed off to the tune of $360 million. The government alleges that Nadel created bogus account statements to convince clients that all was well, when he was, in fact, running a Ponzi scheme.
The court-appointed receiver in the Nadel case said earlier this month that clients had lost roughly half the money invested with Nadel, totaling about $168 million.
Nadel’s lawyer says he will again seek reduced bail terms for his client on Thursday. Nadel has been incarcerated in New York since shortly after he surrendered to authorities in his home state of Florida in January. Prosecutors are likely to oppose the bail bid, noting that Nadel went on the run for two weeks as his alleged scam collapsed before turning himself in.
Nadel also faces civil charges filed by the Securities and Exchange Commission.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...