Update in Florida Fund Manager Fraud: Nadel Pleads Guilty

February 24th, 2010
| More
Florida fund manager, Arthur G. Nadel, pleaded guilty to all charges in an indictment, involving mail, wire, and securities fraud. Nadel admitted to swindling investors out of a total of $162 million in six different funds over a seven-year period. Nadel allegedly had run three funds from 2002-2009—the Victory IRA Fund Ltd., Scoop Real Estate LP, and Victory Fund Ltd. Through the use of false performance statements, Nadel took money from clients and on Wednesday admitted to using it for his own personal investments. Nadel also purportedly traded and defrauded three other funds managed by Neil V. Moody and his son, Christopher D. Moody, during the same seven-year period. The Moody’s face no criminal charges. Prosecutors and defendants are still pending a decision on Nadel’s sentence in a Manhattan District Court before judge John Koetl.
See Source
Related Article Tags: Hedge Fund Fraud and Ponzi Scheme News

Add a Comment

More Recent Headlines

Moore Capital impedes Trading Emissions and Leaf Clean Energy merger plans

Maverick Capital’s Lee Ainslie reviews 2009 and looks ahead to 2010

Scott Galloway, Harbinger Capital’s representative, to step down from New York Times Board

Carl Icahn eyes Biotech leader Genzyme Corp

Connecticut Legislators Move to Require Hedge Funds to Disclose Conflicts of Interest

Wall Street Green Trading Summit will feature a series of Industry Thought Leaders

Oil Market Update: Hedge funds increase net long positions in crude oil futures

SFCS Insights discusses Protection Strategies

Munsun Asset Management launches Munsun China Opportunity hedge fund

Phibro LLC’s Andrew Hall launches Astenbeck Capital Management