Another Bernard Madoff? Hedge-fund manager Arthur Nadel vanishes with $350 million of clients' cash
The New York Daily News by TINA MOORE - January 17, 2009
In a case with parallels to the Bernie Madoff scandal, a prominent Florida hedge-fund manager has vanished - and so has up to $350 million of his clients' money. Sarasota police said they are looking into claims that Arthur Nadel, 76, defrauded investors before leaving a distraught note for his family and disappearing. Nadel's wife, Peg, filed a missing person report with police on Wednesday. She told the Daily News on Saturday that she's cooperating. "We are being very proactive," she said. "There is nothing to show that anything was taken. They're investigating his disappearance for his own safety and his own well-being." Some reports estimated that the hedge fund was out some $350 million, but Spitler said it's too soon to say exactly how much it was worth. Nadel - president of Scoop Management - graduated from New York University Law School and was a real estate developer in the 1960s. He was last seen by his wife at 8:45 a.m. on Jan. 14 when he left for work, cops said. He called his stepson, Geoff Quisenberry, and told him to go to his house where he had left a note, cops said. His disappearance comes a month after authorities charged Madoff, 70, with securities fraud for allegedly duping investors with a giant $50 billion Ponzi scheme. Earlier this week, Marcus Schrenker, an Indiana investment adviser suspected of bilking investors, was taken into custody by police in Florida, after allegedly attempting to fake his death in a plane crash. tmoore@nydailynews.com
Oh yeah? So what's the problem? Americas taxpayers can bail out these now less wealthy clients too.
ReplyDeleteSo is this the new crime from our elderly generation?
ReplyDeleteThere is an 82yr old in WNY that was arrested 2 weeks ago for the same thing.
Amazing how old people too, have no integrity or standards anymore and find no problem with bilking other older folks of their life savings.
Is having all these THINGS that important to humans, that they have to steal from others what absolutely does not belong to them?
I am appalled at what I am observing about the elderly, the judiciary and the religious.
Hope must come from those of us who still revere ethics and standards, as we harshly punish all of those that don't. But first we must get the judiciary to set appropriate bails and not home incarcerations units...a real revelation of how defective and enabling the criminal justice system is regarding all the wealthy.
I think some twisted respect for the criminal mentality by our judges is oozing through their robes, as they show great respect and restraint for the rich and horrific thugs in America.
The judiciary is again a major player in the ripoff of our dignity.
AAANYONE, ANYONE who would trust an attorney is crazy
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