Forbes – A court-appointed receiver in the case of a Sarasota man accused of bilking investors of up to $350 million is suing the firm that represented the hedge funds for failing to protect investors.

A lawsuit filed Monday says Holland & Knight failed to discover Arthur Nadel’s fraudulent investment program, even though a cursory examination would have revealed his illegal activities.

Nadel disappeared for two weeks in January after leaving his family a note in which he threatened to kill himself. He has been charged with federal securities and wire fraud and is being held on $5 million bail.

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fraud case, hedge funds, investors