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]