Posted on 01/27/2009 8:31:34 AM PST by Red in Blue PA
Nadel, who managed some $350 million for six Sarasota-based hedge funds, was last seen on Jan. 14. That same day, investors in the funds were notified in a letter that all the funds' assets appeared to be gone.
Police initially investigated the case as a possible suicide, but then began searching for the 76-year-old Nadel. The court-appointed receiver in the case has said Nadel has been defrauding investors since at least 2003, "and in all likelihood before then."
(Excerpt) Read more at cnbc.com ...
This whole story reads like it is straight out of a Carl Hiaason novel. The only thing we’re missing is the looney ex-Governor of Florida, and some fresh roadkill...
The “mini-Madoff” title is being used a lot lately.
The slimeball is a nY transplant and a big supporter of Democrats like Bernie. His bogus CPA is also a NY’er and his wife is on the school board which means they are also big Democrats. The current RINO governor is worse.
Seems as though there are alot of mini-Madoffs.
It sorta makes one wonder if there is any money left *anywhere* in any of the funds... LOL...
Scams were easy when the market was going up - and people were more trusting.
Nice thing about an economic downturn ( if the government doesn't step in ) is the deadwood, crooks, and those without bathing suits are exposed.
Aren’t the Nigerian emails still making money? (I hope it doesn’t turn out these financial guys believed the email that they were related to the recently-deceased King of Nigeria or whoever and sent all the money over as processing fees.)
Oh yeah.... :-)
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