Global InformationArthur Nadel information
Arthur Geoffrey Nadel (January 1, 1933 – April 16, 2012) was an American hedge fund manager, disbarred lawyer, piano player, and philanthropist. In 2009, Nadel was indicted on fifteen federal counts of securities fraud, wire fraud, and mail fraud. If found guilty, he could have been sentenced to 280 years in prison and would have been required to forfeit all assets connected to the fraud.[1]
Nadel was a Sarasota, Florida-based manager of the hedge fund Scoop Management Co., which has reportedly lost $350 million. He was arrested on January 27, 2009 after surrendering at the Tampa Federal Bureau of Investigation (FBI) office.[2][3] Nadel, who had been reported missing by his fifth wife since January 14, was accompanied by two attorneys, Todd Foster and Barry Cohen.[3]
His wife, Marguerite "Peg" J. (Quisenberry) Nadel had contacted authorities after he left a note telling her how to survive financially without him. "The avenues to money for you will likely be blocked soon," Nadel wrote to his wife in a note that employees found January 15 in a shredding machine. "Withdraw as much cash as you can," he said, adding that he would send further instructions. "Sell the Subaru if you need money." He left a package for his wife. "Look at all the recently paid bills in the 'package' to see where they stand," he wrote. "Also in the package are enough documents that I think will do the trick to give you complete control and ownership of what is left, and even documentation for divorce."[4]
She said he was distraught over the losses, according to Bloomberg News. According to the Sarasota County Sheriff's Office, Nadel felt guilty and threatened to kill himself.[5] As of January 20, 2009, federal law enforcement authorities had tracked Nadel to Slidell, Louisiana.[6] On April 18, 2012, Nadel died at Butner Federal Correctional Complex in North Carolina. He was 79.[7]
- ^ David Glovin (June 16, 2009). "Nadel May Get Lower Bail, Says Judge in Fraud Case". Bloomberg News.
- ^ "FBI arrests Sarasota hedge fund adviser Arthur Nadel". South Florida Business Journal. January 27, 2009.
- ^ a b Kevin McCoy (January 30, 2009). "Ex-convict charged in Ponzi scheme". USA Today.
- ^ David Glovin and Joe Schneider (January 27, 2009). "Nadel, Missing Hedge Fund Adviser, Arrested by FBI". Bloomberg News.
- ^ ""Nadel Note Reveals Guilt, Fear", Sarasota Herald-Tribune (January 19, 2009)". HeraldTribune.com. Retrieved October 26, 2014.
- ^ ""Feds Search for Nadel in Slidell, La.", Sarasota Herald-Tribune (January 20, 2009)". HeraldTribune.com. Retrieved October 26, 2014.
- ^ ""Fraudster Arthur Nadel dies in US prison", "The Independent via Associated Press" (April 18, 2012)". The Independent. April 18, 2012. Retrieved October 26, 2014.