Judge extends freeze on Nadel
Wednesday, February 4, 2009 : PermalinkHerald Tribune – A federal judge extended a freeze on the assets of Sarasota’s Arthur G. Nadel on Tuesday, but failed to include other partners — a measure some investors with the accused hedge fund swindler have been pushing for aggressively because Nadel shared $95.5 million in incentive fees with other Scoop Management Inc. principals.
Nadel did not contest U.S. District Judge Richard A. Lazzara’s order freezing personal and business bank accounts, property and other assets Nadel controls solely or with others, so a hearing scheduled for today was canceled.
Investors like Fort Lauderdale’s Louis Paolino Jr., who is out $5.8 million since the Jan. 14 implosion of the six funds Nadel managed, had hoped the hearing might shed light on why the U.S. Securities and Exchange Commission was not seeking to include Nadel partners Neil or Chris Moody in the freeze.
Tags: 5-million, business bank accounts, chris moody, district judge, federal judge, fort-lauderdale, herald tribune, implosion, incentive fees, lazzara, louis paolino jr, management inc, nadel, principals, sarasota, scoop, securities-and-exchange, securities-and-exchange-commission, swindler
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