Herald Tribune – At a bail hearing in which Arthur G. Nadel was sent back to his cell to come up with better co-signers, a federal judge heard from the receiver in the case about a previously unknown multimillion-dollar hedge fund account controlled by Nadel in the Cayman Islands.

Receiver Burton Wiand, a Tampa lawyer, testified that he had discovered a hedge fund in the Caymans that at one point contained $15 million. He was able to follow $5 million back to one of the six funds at Nadel’s Scoop Management in Sarasota. The whereabouts of the remaining $10 million is unclear.

Read Complete Article

Tags: 10-million, 5-million, arthur, burton, cayman islands, caymans, federal judge, hedge fund, herald tribune, multimillion dollar, nadel, sarasota, scoop, tampa lawyer

Newsday – FBI agents have raided a pair of multimillion-dollar Buffalo-area homes owned by a hedge fund firm from Cleveland.

Dozens of agents on Wednesday swarmed the neighboring properties in Hamburg, just south of Buffalo.

The U.S. Attorney’s office isn’t commenting on the raid and wouldn’t disclose the name of the businessman who owns the Cleveland firm.

Read Complete Article

Tags: buffalo area, businessman, cleveland firm, dozens, fbi, hamburg, hedge fund, multimillion dollar, newsday

Globe and Mail – The multimillion-dollar bills continue to creep up on the Olympic village project.

The city has stashed $25-million into a contingency reserve for the project, while its property endowment fund has now disbursed $100-million for the city’s own "public-realm" improvements for the new neighbourhood.

Those amounts are on top of the half a billion dollars that the city had lent to the private builders of the Olympic village by the end of last month, which is about two-thirds of the $860-million the project is anticipated to cost by the end.

Read Complete Article

Tags: 100-million, billion-dollars, contingency reserve, dollar bills, endowment-fund, globe and mail, improvements, lent, multimillion dollar, neighbourhood, olympic village, private builders, two-thirds