Hedge Fund News From HedgeCo.Net

Nadel-owned building sold to pay victims

Herald Tribune – The sale will net $650,000 for the Nadel receivership, which is paying claims from investors who lost money in his $330 million hedge fund scheme.

So far this year, court-appointed receiver Burt Wiand also has reached settlements for $901,250 from seven investors who made so-called false profits from the hedge funds.

Wiand is seizing and selling assets from Nadel and fund partners Neil and Christopher Moody. The money he raises, minus legal costs and expenses, will be distributed to investors whose claims are approved by a federal judge.

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