The 75-year-old hedge fund manager raked in high returns for his clients but left the luxury cars and the exorbitant lifestyle to others. So confident were investors in his ability to manage their money that they entrusted hundreds of thousands of dollars apiece to his care. Now they're wondering where Nadel is and what he's done with their money.
See my prior post, Saturday, January 17, 2009,
SARASOTA MONEY MANGER ART NADEL IS MISSING AND SO IS ABOUT $350 MILLION IN INVESTORS MONEY
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.The Sarasota Police Department had received at least seven complaints as of Sunday from investors, some of whom say they have lost upward of $700,000. It wasn't clear how much money was invested or how much might be missing, though one investor said the hedge fund had been worth as much as $350 million and might have been completely drained. 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.
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.
Among the business's run by Art Nadel were, SCOOP INVESTMENTS, LP 1668 MAIN ST SARASOTA FL, he also ran SCOOP CAPITAL, LLC out of 1618 Main St Sarasota, as well as SCOOP MANAGEMENT INC, both are active in the Florida Division of Corporations records .
Prior investment business's run by Art Nadel out of the 1618 Main Street location, TRADERS INVESTMENT CLUB and the INDIGO INVESTMENT CLUB both Fictitious registrations expired 12/31/2003.
The contact phone number for SCOOP INVESTMENTS, LP on the Florida Fictitious name filing was 954-345-6442 this number belongs to Turn Key Hedge Funds Inc in Coral Gables Fl and they are active, CLICK IMAGE ABOVE. Art Nadel was a former jazz pianist on the New York club scene, is said to be the one who did all the trading.
No sign yet of aging Florida financier or his clients' millions; wife worries, clients seethe" Mini-Madoff in Sarasota.."I'm angry," Brad Lerner, a doctor who invested $500,000 with Nadel three years ago, said Sunday. "I'd like to see the truth come out and (the) money returned." Zeb Portanova, chairman of the board of Habitat for Humanity Sarasota, guessed at how many well-heeled Sarasotans might be affected based on the steady stream of calls to his cell phone. "I am guessing close to 300 people in Sarasota had money with them," Portanova said.
Nadel's family reported him missing Wednesday, and on Thursday, police found his green Subaru in an airport parking lot. He left a note for his family, in which he appeared to be "very distraught," the Sarasota County Sheriff's Office said. The Sarasota County Sheriff's Office confirmed that Nadel's light green Subaru was found Thursday afternoon at Sarasota-Bradenton International Airport, Some of the missing money may have been moved overseas.
Costa Rica is nice this time of year and a haven for money laundering. Costa Rica is vulnerable to money laundering because of Internet gambling and offshore banks that are not fully supervised, according to the U.S. State Department , by bill Warner.
See my prior on Sarasota Scam artist Neil Husani who stole millions, Tuesday, November 04, 2008, Guilty plea wins fraud deal for Sarasota businessman Michael Tringali, he flips on Neil Mohammad Husani and Sarasota attorney John Yanchek.
TAMPA 11/04/08.....Southwest Florida businessman Michael Tringali pleaded guilty on Monday to taking part in the region's largest mortgage fraud case, setting the stage for him to testify against his former partners and to receive a lighter sentence as a result.
Along with Neil Husani and Sarasota attorney John Yanchek, Tringali was indicted in an $83 million scheme to defraud seven Sarasota banks, indictments came in July after an extensive investigation by the Herald-Tribune revealed what the 3 men and another partner were doing. It turns out that Husani, whose business dealings in Southwest Florida had been investigated by the FBI, was in Amman, Jordan. His mother-in-law, Kafaya Zahran, saw Husani entering the Holiday Inn in Amman, Jordan which is her hometown.
A woman who answered the door Sunday at Art Nadel's home declined to identify herself. Investigators continued to search for Nadel through the weekend. "Sarasota is a good sized place, but it's actually a very small community of people," police Capt. Bill Spitler said. "Obviously we have white collar crime. But very few places have anything of this magnitude."
Nadel operated out of Scoop Management Inc., which has a modest office with burgundy awnings on Sarasota's Main Street. According to the Sarasota Herald-Tribune, his investors ranged from individuals to the local YMCA Foundation.
"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." The YMCA Foundation of Sarasota confirmed Friday that it had lost $1.188 million, or 13 percent of its total assets, because the money was invested with a fund run by Scoop Investments Inc. Scoop co-founder Moody had donated roughly $1 million to the YMCA, with the proviso that the money stay invested at one of Scoop's funds, called Valhalla Management LLC. Last week, Moody informed YMCA officials that the money was gone. Simultaneously, he resigned as foundation director.
Spitler said police still don't know exactly how the fund operated, but that each victim who has come forward claims to have invested hundreds of thousands of dollars."The alleged perpetrator and victims in this case were all philanthropists," he said. "They knew each other. They had a strong bond. And for our community, I don't care even if it's a big city ... this is a lot of money."
Lerner said he received monthly reports from the fund. "I was quite pleased with the results," he said. The last update arrived at the end of November, and showed an 8.5 percent return for the year to date.
Then on Thursday, Lerner said he received a visit at his office from Neil Moody, a business associate of Nadel's. Lerner said he was told that Nadel had disappeared, and that the $350 million fund appeared to be empty. He didn't get many more details.
Contacted at his home on Sunday, Moody said there were six funds, and that Nadel was the trader for all of them. Moody declined to elaborate on his relationship to the fund, referring all comment to his attorney.
"I know nothing about how Mr. Nadel is doing and that's all I'm going to say," said Moody, who previously said his family has also lost millions. Moody's attorney did not immediately return a telephone message from The Associated Press.
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." sfgate.com
Also see "No sign of US financier or his clients' millions" story posted in;
Chicago Tribune business
Fox news .com
Baltimore Sun business
International Herald Tribune
Star Tribune Minneapolis, MN
The Post-Standard Syracuse NY
BBC News London
The Guardian UK
The Sacramento Bee
The Washington Post
The Charlotte Observer
The Sarasota 'Mini-Madoff' is named because Sarasota is a Mini New York City, many of the Sarasota residents who invested with Art Nadel are also residents of New York City (Manhattan) and possible investors with Madoff "what happens in in New York City happens is Sarasota Fl," the Sarasota Herald Tribune Newspaper is owned by the NY Times in NYC, articles published in the NY Times are published the same day in Sarasota Fl..
WBI Inc Private Detective Agency