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 are looking into claims that Arthur Nadel, 76, defrauded investors before leaving a distraught note for his family and disappearing.
Cops began investigating on Friday after investors complained that Nadel, president of Scoop Management, left them high and dry.
“You’re talking about people who have lost the majority of their life savings,” Police Capt. Bill Spitler said. “Many of our victims have lost $500,000 and up.”
Neil Moody, Nadel’s business associate, said six funds worth $350 million at the end of the year may be worthless.
“We’d like to get him back here to answer some questions,” said Moody, who knew Nadel for 12 years.
He said it was unclear whether Nadel had stolen money but that his own family had $12 million at stake. Nadel graduated from New York University Law School but was disbarred decades ago for investing escrow funds, Moody said.
Nadel’s fifth wife, Peg, filed a missing persons report on Wednesday. She said she was worried about her husband and working with authorities.
But Moody believes Nadel is alive.
“At this point we have every indication that he is,” Moody told Reuters, adding that he did not know where Nadel was.
“If we knew where he was, we’d be on him,” Moody said.
Jerry Meketon, a 76-year-old retired psychologist married to one of Nadel’s ex-wives, said investors should have been more aware of the potential pitfalls.
“He was lauded as a brilliant investor who worked out of a black box,” he said. “You put money in, you don’t know how he works it, but money comes out.”
Last month, authorities charged Madoff, 70, with duping investors in a $50 billion Ponzi scheme.
Romanian National Vanguard News Agency article comment
Question: Is Arthur Nadel Jewish?
Answer: Oy, indeed. I’m not one of those inclined to jump to hasty conclusions. But in this case, I’m with you .
Arthur Nadel? Oh, yes! Probably Nadelman.
South Florida — NY University — law school grad — real estate developer — investor fraud. All the ingredients. Most definitely! The whole profile is there.
Also… Geoff Quisenberry. Fishy name. Uh, uh! Probably Jeff Quisenberg or something such, but anglicized. (Well, imitation is the sincerest form of flattery.)
Also… “Marcus Schrenker, an Indiana investment adviser.” Another one!
Well, the dollar is collapsing, the US economy is going down the tubes, so they’re in haste to drain us dry and grab all they can, while they can, like in a burning house, and then get out (after we’ve made the Middle East safe for them).
After that, they will wail forever more down through history about how they were persecuted and driven out of the USA and how much America owes them.
Reuters: Is he Jewish? Seems like Arthur Nadel – of Scoop Management – aka the Sarasota Mini-Madoff – is on the lam. And if you are asking — yes, he is a Jew, and, “a prominent player in Sarasota’s Jewish social and philanthropic circles.” Sound familiar?
Yes. Tiresomely so.
“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.
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 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.”
Btw, I’d be very interested to know where he’s disappeared to. I mean, what country he’ll turn up in. Any guesses?
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