Friday, 21 October 2016
Last updated 16 min ago
Sep 25 2009 | 12:35pm ET
Accused hedge fund fraudster Arthur Nadel has again asked to be released from jail as he awaits trial, with his lawyer telling a federal judge that his client has “lost everything.”
Nadel, who is accused of defrauding investors in six hedge funds he managed of $360 million, has been jailed in New York since his arrest in February. His lawyer, Mark Gombiner, asked that his bail terms be reduced as a trial is “still many months away.”
“After eight months in jail, Mr. Nadel’s circumstances have been so dramatically reduced and his thoughts so focused on concern for his wife that he has no desire whatsoever to flee and incur any risk to her,” he wrote to U.S. District Judge John Koeltl. Gombiner suggested that his bail be reduced to $1 million bond, guaranteed by his wife’s house. Nadel would also agree to electronic monitoring.
Gombiner also said that a court officer had no objections to releasing the 77-year-old, who is in “ill health.”
Koeltl has previously said he would agree to cut Nadel’s bond from $5 million, but only if he could find four people to sign a $1 million personal recognizance bond. Nadel could only find three.
Prosecutors said they opposed freeing Nadel. In his previous bids for lower bail, they have pointed to the fact that he disappeared for two weeks after his alleged Ponzi scheme collapsed in January and suggest he may have money hidden in offshore accounts.