Hedge Fund Manager to Appear in Court

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.

Alex Akesson
Editor for HedgeCo.Net
Email: alex@hedgeco.net

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