Nadel Again Seeks Release From Jail While Awaiting Fraud Trial

Bloomberg – Arthur Nadel, the Florida hedge- fund adviser who has been jailed since January, again asked a judge to release him on reduced bail while he awaits trial.

A lawyer for Nadel, a money manager and founder of Scoop Management Inc. in Sarasota, Florida, told U.S. District Judge John Koeltl in New York that the case isn’t close to going to trial and that Nadel should be presumed innocent. Nadel, 77, is now being held in a federal jail in New York.

“After eight months in jail, Mr. Nadel’s circumstances have been so dramatically reduced and his thoughts so focused on concern for his wife that he has no desire whatsoever to flee and incur any risk to her,” lawyer Mark Gombiner wrote in a letter yesterday, adding that his client has “lost everything.”

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