Update in Florida Fund Manager Fraud: Nadel Pleads Guilty

February 24th, 2010
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Florida fund manager, Arthur G. Nadel, pleaded guilty to all charges in an indictment, involving mail, wire, and securities fraud. Nadel admitted to swindling investors out of a total of $162 million in six different funds over a seven-year period. Nadel allegedly had run three funds from 2002-2009—the Victory IRA Fund Ltd., Scoop Real Estate LP, and Victory Fund Ltd. Through the use of false performance statements, Nadel took money from clients and on Wednesday admitted to using it for his own personal investments. Nadel also purportedly traded and defrauded three other funds managed by Neil V. Moody and his son, Christopher D. Moody, during the same seven-year period. The Moody’s face no criminal charges. Prosecutors and defendants are still pending a decision on Nadel’s sentence in a Manhattan District Court before judge John Koetl.
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Related Article Tags: Hedge Fund Fraud and Ponzi Scheme News


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