New York (HedgeCo.Net) – Authorities are still searching for missing hedge fund manager and philanthropist Arthur Nadel after he vanished from his Sarasota home last week, while investors are searching for their $350 million they had tied up with him.
According to the Sarasota Herald-Tribune, Arthur’s wife Peg filed a missing person’s report after finding a suicide-like note. Nadel, who managed the funds called “Viking,” is already being dubbed a “mini-Madoff,” as more and more disdained investors are coming forward.
Neil Moody, President of Viking Management, issued a statement to investors on Thursday communicating that the funds appear to be gone, while maintaining that he knew nothing about it.
"Unfortunately, just yesterday afternoon we became aware of an extremely serious situation suggesting that the funds may have virtually no remaining value," Moody said.
Peg Nadel, who was very active on the charity scene with her husband, issued a statement that said she is cooperating fully with officials including the Securities and Exchange Commission. The Nadels served on several not-for-profit boards in the Southwest Florida area and donated generously to organizations such as Habitat for Humanity and the Jewish Family & Children’s Services.
Despite 2008 being one of the worst years for hedge funds to date, investors in the Viking fund were told that the fund returned 8 percent through the end of November.
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