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
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