Database raised red flags on Nadel funds in 2005

Herald Tribune – Partners of failed hedge fund trader Arthur Nadel said they were shocked to learn after Nadel disappeared on Jan. 14 that the six hedge funds for which he did the trading had been emptied of their purported $300 million in assets.

But what seems mysterious to them raised red flags in 2005 for the founders of HedgeCo.Net, a West Palm Beach hedge fund database site. HedgeCo dropped three funds run by Nadel’s Scoop Management Inc. — Valhalla Investment Partners LP, Viking Fund LLC and Viking IRA LLC. The concerns were: reported returns that were considerably higher than normal, no outside firm to verify the numbers and no outside administrator to monitor the accounts and send out statements to investors.

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