As Arthur G. Nadel sat Wednesday in the Pinellas County Jail, law enforcement officials indicated that more charges could be filed against the Sarasota hedge fund manager and that the investigation is likely to broaden. Sources says Nadel was briefly in the New Orleans area after leaving Sarasota. He also went to Georgia, possibly near the Newnan-Coweta County Airport (near Atlanta), where he owns five aircraft and airport hangars. Some investigators suspect he was traveling on a private jet.
SEC charges Art Nadel with fraud in Sarasota, Art Nadel Links to a NYC Address, Howard P. Sturman and the NYC Mob .
Last week, surveillance photos were obtained at the home of Art Nadelin Sarasota Fl, a middle aged man was photographed coming out of the Nadel home (by himself) carrying what appeared to be legal sized envelopes and documents. The unidentified man was driving a silver vehicle that had Georgia license plates and the vehicle appears to have been purchased in the Atlanta area. Background checks of past address's of Art Nadel show he links to an address in Atlanta GA, also see one of my prior post on Art Nadel here,
The FBI, the U.S. Securities and Exchange Commission and a court-appointed receiver continue to investigate Nadel and his six hedge funds, which contain only a fraction of the $342 million he claimed they were worth.The 76-year-old Nadel, known in Sarasota's business and social circles as "Art," was arrested Tuesday and charged with two federal counts of securities fraud and wire fraud. He goes before a federal judge Friday in hopes of being released on bond.Law enforcement sources close to the investigation said Wednesday that it was almost certain that Nadel would face more charges. They said investigators are also looking to others and their knowledge about what the SEC has branded a Ponzi scheme.
Bernie Madoff - Art Nadel - Nick Cosmo "NYC Hedge Fund Gang", all 3 arrested, all 3 to be tried in New York City.
Three main factors have led to the sudden Ponzification of American finance. Regulators and prosecutors are making financial scams a priority, pouncing on complaints with new vigor.
Second, investors who had been enjoying returns, began wondering if they are in the grips of Madoff Madness, demand their money, only to learn the money has disappeared.
And third, the economic crisis is making it difficult for scammers to find new investors, proving that when the tide goes down, the rocks on the bottom show up.
This week, authorities arrested alleged Ponzi schemers Nicholas Cosmo of Long Island, N.Y., and Arthur Nadel of Sarasota, Fla., adding their names to a recently crowded rogues' gallery of suspected swindlers everywhere from Philadelphia to Atlanta to Texas to Idaho, with more sure to follow.
In a fraud complaint filed by the U.S. Securities and Exchange
Commission last week, investigators said Art Nadel had valued the six hedge funds he oversaw at more than $300 million, when in reality they contained less than $1 million. Nadel was charged with securities fraud in New York because he traded through a brokerage in the city.
On Tuesday, the head of a private New York financing firm who was arrested on Monday night has been charged with operating "a classic Ponzi scheme" into which $370 million was invested, U.S. officials said. At a federal court hearing in Central Islip, N.Y., a judge ordered Agape World Inc CEO Nicholas Cosmo held until another hearing onThursday.
PRIVATE INVESTIGATOR..SARASOTA FL