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West Palm Beach (HedgeCo.net) – Hedge fund manager Arthur Nadel is scheduled for a bail hearing in federal court in Tampa this afternoon.
Nadel faces a federal charge of securities and wire fraud after using “manipulative and deceptive devices” to bilk investors out of hundreds of millions. Shortly after the infamous arrest of Bernard Madoff, Nadel’s family reported him missing on January 14.
The day Nadel disappeared, he was expected to disburse $50 million in redemptions to investors from the six total funds he managed. Nadel reportedly wrote a letter to his wife before he missing.
According to the criminal complaint, Nadel’s fraud dates back to at least 2003 and has affected over 100 victims nationwide. There is also a civil complaint filed against Nadel by the U.S. Securities and Exchange Commission, who alleges that he transferred $1.25 million into secret bank accounts.
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New York (HedgeCo.Net) – Missing hedge fund manager Arthur Nadel, who disappeared last week along with an estimated $350 million of investor’s money, turned himself in to the FBI yesterday.
The Sarasota resident, 76, turned himself in at a Tampa office, accompanied by his legal team and his partner, Todd Foster. In the courtroom later that day, his lawyer Barry Cohen told the judge that Nadel has been “visiting with the psychiatrist the past week” after “suffering some emotional problems.” The judge postponed the bail hearing for three days.
Nadel faces a federal charge of securities and wire fraud after using “manipulative and deceptive devices” to bilk investors out of hundreds of millions. Shortly after the infamous arrest of Bernard Madoff, Nadel’s family reported him missing on January 14.
Nadel reportedly wrote a letter to his wife before he missing. According to reports, he allegedly told her to withdraw as much cash as she could before their accounts were frozen.
According to the criminal complaint, Nadel’s fraud dates back to at least 2003 and has affected over 100 victims nationwide. There is also a civil complaint filed against Nadel by the U.S. Securities and Exchange Commission, who alleges that he transferred $1.25 million into secret bank accounts.
Julie Scuderi Senior Editor for HedgeCo.Net Email: julie@hedgeco.net
Reuters – Blackstone and Kohlberg Kravis Roberts & Co are each looking to buy parts of Lehman’s real estate and asset management units, sources familiar with the situation said on Friday, sparking a broad rebound in financial stocks.
The real estate unit of Lehman Brothers Holdings Inc, which includes property and some asset-backed securities, could be worth about $5 billion (2.8 billion pounds), the sources said.
Lehman shares jumped 5.3 percent after the Reuters report. That helped lift the S&P financial index , which had slipped earlier on Friday, by 1.8 percent.
"Lehman has been so shredded in terms of confidence that anything like this is something that can ignite a upward movement at any point," said Michael Holland, founder of money manager Holland & Co LLC.
New York (HedgeCo.Net) – Donald Trump Jr. has plans to set up a $1 billion hedge fund that will amass property in India and capitalize on the nation’s economic growth, according to a report published on Bloomberg.com.
"The fund will be for acquisitions of real estate in the high end and across the spectrum,” said Trump. "I see a lot of opportunities. We’ll start it off relatively small and grow it as we get more familiar with the Indian market.”
Trump Organization Inc. will focus on the city of Mumbai, where they are planning the development of a hotel/residential project. Mumbai is the home of many wealthy Indians and is also the country’s biggest trading center for stocks and bonds.
"Our entry has to be in Mumbai and that’s where everything is going on right now in terms of the high-end real estate,” Trump added. "That’s the place where one is going to achieve the highest prices per square foot. It sets the tone for all of the other future developments.”
While the U.S. hasn’t fared so well, India’s real estate prices has experienced steady climbs for five straight years amidst rising incomes.
Trump may go in on the deal with other investors including an Indian family, though he didn’t get specifics as how he would go about raising capital.
Julie Scuderi Senior Editor for HedgeCo.Net Email: julie@hedgeco.net
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