New York (HedgeCo.Net) – Authorities are still searching for missing hedge fund manager and philanthropist Arthur Nadel after he vanished from his Sarasota home last week, while investors are searching for their $350 million they had tied up with him. <\/p>\n
According to the Sarasota Herald-Tribune, Arthur’s wife Peg filed a missing person’s report after finding a suicide-like note. Nadel, who managed the funds called “Viking,” is already being dubbed a “mini-Madoff,” as more and more disdained investors are coming forward.<\/p>\n
Neil Moody, President of Viking Management, issued a statement to investors on Thursday communicating that the funds appear to be gone, while maintaining that he knew nothing about it.<\/p>\n
"Unfortunately, just yesterday afternoon we became aware of an extremely serious situation suggesting that the funds may have virtually no remaining value," Moody said.<\/p>\n
Peg Nadel, who was very active on the charity scene with her husband, issued a statement that said she is cooperating fully with officials including the Securities and Exchange Commission. The Nadels served on several not-for-profit boards in the Southwest Florida area and donated generously to organizations such as Habitat for Humanity and the Jewish Family & Children’s Services.<\/p>\n
Despite 2008 being one of the worst years for hedge funds to date, investors in the Viking fund were told that the fund returned 8 percent through the end of November.<\/p>\n
Julie Scuderi
Senior Editor for HedgeCo.Net
Email: julie@hedgeco.net<\/p>\n
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