In April 2009 it was uncovered that the Jewish economic terrorist Arthur (“Art”) Nadel bilked his ‘investors’ out of still unknown amounts of money; before his arrest his hedge fund handled hundreds of millions dollars.
Here are a few fun facts about Mr Nadel, copied/pasted from the above-linked Wikipedia article:
+ Nadel was a Sarasota, Florida based manager of the hedge fund Scoop Management Co., which has reportedly lost $350 million dollars
+ He was indicted on 15 counts including six counts of securities fraud, eight counts of wire fraud and one count of mail fraud in a federal court in Manhattan. If found guilty, Nadel could be sentenced to 280 years in prison and would be required to forfeit all assets connected to the fraud.
+ The SEC says Nadel had transferred at least $1.25 million from two of the hedge funds to secret bank accounts that he controlled.
+ On April 28, 2009, in the Southern District of New York, federal regulators handed down a 15-count indictment against Nadel, which carries maximum prison sentences of 280 years.
+ Wiand has identified more than 80 investors who made “false profits” in Nadel’s hedge fund and has asked them to return the money. Any unreturned funds will be pursued in court.
+ Since 1990, Nadel’s accountant, Michael D. Zucker [JEW] has not been not licensed as a Certified Public Accountant in the state of Florida.
+ Burton Wiand’s April, 2009 interim receiver’s report, submitted as part of the Securities and Exchange Commission’s civil suit against Nadel, says Nadel paid out some $53 million in “fictitious profits” as part of his Ponzi scheme.
