Federal law enforcement agents have tracked missing Sarasota hedge fund manager Arthur G. Nadel to Slidell, La., through cell phone records, according to sources close to the investigation.
Nadel called his wife, Peg Nadel, last week and investigators used those cell phone records to place him in Slidell La, a community of 90,000 people northeast of New Orleans, during the weekend, the sources said.
FBI Agents and U.S. Securities and Exchange Commission investigators are believed to be in the city of Slidell La looking for Art Nadel and the missing $350 Million.
Slidell is just across Lake Pontchartrain from New Orleans, a city famed for its jazz. Nadel, a former jazz pianist on the New York club scene, generously supported the Sarasota jazz community. UPDATE.....Wednesday, January 21, 2009, Missing Investor kept N.Y. Disbarment a Secret, Sarasota's Art Nadel Paid $50,000 to Mob Loan Sharks From Clients Escrow Account.
UPDATE....Tuesday, January 27, 2009, SARASOTA'S ART NADEL ARRESTED BY TAMPA FBI HE WILL BE SHIPPED TO NEW YORK CITY TO STAND TRIAL IN FEDERAL COURT, ART NADEL NYC MOB LINKS IN QUESTION.
His disappearence means that the Jazz Club of Sarasota is canceling eight of nine events he sponsored.Nadel reportedly has not been seen since Wednesday, the day before other fund managers admitted to customers that their money was gone.
Nadel’s light green Subaru was found Thursday afternoon at Sarasota-Bradenton International Airport. Sarasota County Sheriff’s deputies searched the car before releasing it to the family. Sarasota Police Department has turned over its investigation of Mr. Nadel's company, Scoop Management, to the Federal Bureau of Investigation. Any person wishing to make a report regarding Scoop Management is requested to do so by emailing the FBI at email@example.com.
Virginia Hoffman, Nadel’s ex-wife, said she wasn’t surprised to learn he had disappeared, along with the money. “I am not shocked by the act,” Hoffman said in a Jan. 17 e-mail. “I am shocked by the magnitude of what he has done.”
Hoffman and Nadel were divorced in 1999, according to the Sarasota Clerk of County Comptroller. Hoffman said they were together for 15 years and married for four. Hoffman said she was Nadel’s third wife.
Art Nadel currently was living in a $250,000 four-bedroom home in Sarasota and driving a late model Subaru SUV, hardly the high life. He didn't appear to be extravagant," said Bill Warner, a resident who knows a few of Nadel's investors. "That's why I think people trusted him." Warner said investors are embarrassed. "People lost their life savings with this guy," he said. "People who had a great lifestyle and were secure, and all of a sudden, it's all gone."
In Sarasota, many people “knew of his past business deals which had gone sour but yet folks still trusted him with their money,” Hoffman said, CLICK SARASOTA COUNTY RECORD IMAGE TO ENLARGE. Nadel, who had graduated from New York University School of Law, was disbarred in the 1980s, Hoffman said.
According to New York state records, an Arthur G. Nadel was disbarred March 11, 1982, for violating terms of an escrow agreement, in which he held $50,000 as part of a sales transaction between a realty corporation and a hospital.
He was found guilty of dishonesty, fraud, deceit and misrepresentation by a disciplinary committee. Nadel paid back the money.
From Sarasota County Records Arthur G. Nadel was the subject of several Lawsuits, Tax Liens and Judgments when he ran SARASOTA DESIGN GALLERY in 1993, see Judgments listed on Sarasota County records image. Arthur G. Nadel somehow got his hands on $350 milion of other peoples money.
WBI Inc private Detective Agency