Yes, we are sure that you thought you were very clever when you leased instead of bought that brand new, $115,000 Maserati. We know that you sat back in those leather seats and started with your best Johnny “Sack” Sacramoni impression while trying to catch a glimpse of yourself in the street level window reflections (later it was more like shooting up in a dark parking lot Moltisanti style- but we digress). Well, that wasn’t going to last. You weren’t that clever. You did manage to fulfill your Johnny Sack fantasy, however. Didn’t you?
It won’t get investors allegedly defrauded by Arthur Nadel back any of their money, but a federal judge has ordered one of the hedge funds he ran to turn in the keys to its Maserati.
The move to end Viking’s lease of a 2008 Maserati GranTurismo came at the request of court-appointed receiver Burton Wiand. Wiand said the $114,640 sports car, which is guaranteed by Viking principal Christopher Moody, won’t get Viking investors an extra dime, since the firm has no equity in the car. Nadel managed Viking’s hedge funds under a subadvisory arrangement.
Judge: Nadel-Advised Fund Must Return Its Maserati [FinAlternatives]
Well, they sure figured out how to avoid getting White Collar Criminal friendly Sarasota involved in the prosecution of accused fraudster Arthur Nadel. They charged him in New York as he traded through a brokerage in the city. Woops. And while we are at it, we’ll note that it looks unlikely that he is going to be able to swing penthouse arrest.
A U.S. judge set a $5 million bond, house detention and other conditions of bail on Wednesday for accused hedge fund manager Arthur Nadel, who authorities say was on the run for two weeks in January before the FBI arrested him.
Nadel’s lawyer indicated that his client will not be able to meet the conditions of release set by Judge Denise Cote at a hearing in U.S. District Court in Manhattan.
U.S. judge sets bail conditions for fund manager Nadel [Reuters]
We are torn.
1. The guy is 76.
2. The guy ran like a preschoolers nose in February.
Arthur Nadel, 76, was being held on Tuesday in a Federal Bureau of Prisons center in Oklahoma City, Oklahoma, after being taken from a Florida county jail on Friday, according to county and prison records. Last week a U.S. magistrate judge in Florida ordered Nadel held without bail as a flight risk and sent to New York. Nadel was charged in New York because he traded through a brokerage in the city.
“We are planning to seek a review of the detention order in New York,” said Nadel’s lawyer, Todd Foster.
Jailed U.S. fund manager Nadel to seek bail [Reuters]
Have you considered Sarasota, Florida?
Culturally elegant and brimming with adventure, yet laid back and tranquil. This is a vacation destination like no other.
Wrapped with 35 miles of silken beachfront, Sarasota is a package of rich cultural history, sun-drenched islands, natural treasures and unlimited discoveries. Come … get to know Sarasota and Her Islands and see for yourself what makes this area so remarkable.
You’ll come for the white sands and breathtaking sunsets, but find there’s so much more to discover in Sarasota and Her Islands when you go beyond the beaches. Family festivals and activities. Arts, music and film. Romantic, gourmet dinners. Golf, sailing and fishing. World-class shopping. Weddings full of wonder.
Our lax attitude towards living mirrors our lax attitude to law enforcement. You will be pleased to know that our easy going law enforcement officials spend little time running down white collar crime. In many cases simply the expression of the desire to be left alone is enough to prompt our officers to pursue other, more rewarding opportunities. Police have already given up looking for our latest distinguished visitor, the now missing hedge fund manager Arthur Nadel as it is clear “he doesn’t want to be found.”
Our inviting atmosphere and easy to live with regulatory environment, combined with a high concentration of high net worth individuals nearing the end of their intellectual and cerebral lives makes Sarasota an ideal place to relocate. Come find out for yourself that sunshine and shady characters go hand in hand!
Nadel ‘Doesn’t Want To Be Found,’ Sheriff Says [FinAlternatives]
The U.S. Securities and Exchange Commission on Wednesday charged missing fund manager Arthur Nadel with defrauding investors at six Florida-based hedge funds.
The SEC said Nadel provided false information to investors about the funds’ returns and overstated the value of the investments by about $300 million.
Nadel, the 76-year-old head of a Sarasota fund management company, was reported missing by his family a week ago. Two days later investors began complaining to police that possibly hundreds of millions of dollars were missing from the funds he ran.
The fact that this guy, at 76, has managed to put our 38 year old DB Cooper wannabe to shame (the last sign of Nadel was his green Suburu found in the airport parking lot- which makes me think he is driving to Mexico in another vehicle while police waste their time looking at ticket records) makes him the leading candidate for the Dealbreaker Ponzi Escape Award (sponsored by the Dealbreaker Guide: How To Properly Escape Capture Following Your Massive (or Relatively Massive) Financial Fraud. Part II is presently in development!) We are still deciding on a trophy design. Feel free to put your suggestions (as well as any nominees we may have overlooked) into comments.
US SEC charges missing Florida fund manager [Reuters]
