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Saturday, January 17, 2009

SARASOTA MONEY MANGER ART NADEL IS MISSING AND SO IS ABOUT $350 MILLION IN INVESTORS MONEY



WORLD WIDE NEWS COVERAGE;
BBC NEWS...Florida fund manager 'missing' so is $350 Million.






Hedge Fund principal Arthur G. Nadel, a prominent player in Sarasota social and philanthropic circles, disappeared this week. His wife, Peg, filed a missing person report with law enforcement after finding a suicide note. Investors -- from individuals to the Sarasota YMCA Foundation -- in the funds branded Viking, Valhalla and Scoop were stunned this week to learn they may be victims in what could become the largest investment swindle in Southwest Florida history. Some are already calling the case a "mini-Madoff," after Bernard Madoff of New York, who has been accused of creating a $50 billion Ponzi scheme that promised similarly large percentage returns.



Art Nadel’s wife, Peg, and Quisenberry, were “concerned about his welfare,” Lesaltato said. Nadel had sounded “distraught,” Lesaltato said, citing the note. Scoop may have managed as much as $350 million, the Herald- Tribune in Sarasota reported today on its Web site. The newspaper said Nadel was a “prominent player in Sarasota social and philanthropic circles.” It described his note as a suicide note.


UPDATE 1/18/09 ...so much for Nadel's suicide, 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.




Art Nadel was last seen by his wife at 8:45 a.m. on Jan. 14 when he left for work, Lesaltato said. Sarasota police launched an investigation today after receiving calls since 1:30 p.m. concerning allegations about “hundreds of millions of dollars” missing, Captain William Spitler said in a telephone interview. 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 tampa.division@ic.fbi.gov.


Computer-Guided Trading; Nadel, who graduated from New York University Law School, was a real estate developer during the 1960s, according to marketing documents for the Valhalla fund, which was incorporated in 1999. The Nadels and others started a firm two years earlier that used computer-generated investment and trading programs, according to the documents.


Calls to Scoop’s offices were answered by voice mail, Art Nadel also ran SCOOP CAPITAL, LLC out of the same location, 1618 Main St Sarasota, as SCOOP MANAGEMENT INC, both are active in the Florida Division of Corporations records . Among the business's run by Art Nadel were, SCOOP INVESTMENTS, LP 1668 MAIN ST SARASOTA FL. 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. Art Nadel was a former jazz pianist on the New York club scene, is said to be the one who did all the trading.


Prior investment business's run by Art Nadel out of the 1618 Main Street Sarasota location were, TRADERS INVESTMENT CLUB and the INDIGO INVESTMENT CLUB both Fictitious name registrations expired on 12/31/2003.


The disappearance of Nadel comes more than a month after Bernard Madoff, 70, was arrested for securities fraud after allegedly using billions of dollars from new investors to pay off older ones. Madoff told authorities that investors may have lost $50 billion in a “giant Ponzi scheme,” prosecutors said.


The Sarasota 'Mini-Madoff' is 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..


See info on another Sarasota Scam artist who stole millions from Sarasota banks, Neil Husani, 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.






Bill Warner private investigator Sarasota Fl at http://www.wbipi.com/