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Thursday, January 22, 2009

SEC charges Art Nadel with fraud in Sarasota, Art Nadel Links to a NYC Address, Howard P. Sturman and the NYC Mob

SARASOTA HERALD TRIBUNE...The U.S. Securities and Exchange Commission charged Art Nadel Wednesday, 1/21/09, with orchestrating a colossal fraud that scorched hundreds of investors from across the country.

Art Nadel boasted the six hedge funds he ran were worth $342 million. In fact, the SEC says those funds are valued at a mere $506,000.

The SEC filed its emergency action in U.S. District Court in Tampa. It charges Art Nadel with violating the federal Securities Exchange Act and seeks disgorgement and civil money penalties.

Art Nadel and his Scoop Capital LLC and Scoop Management Inc. were charged. Also named as relief defendants were six hedge funds and two investment management companies: Scoop Real Estate L.P., Valhalla Investment Partners L.P., Victory IRA Fund Ltd., Victory Fund Ltd., Viking IRA Fund LLC, Viking Fund LLC, Valhalla Management Inc. and Viking Management Inc.

Furthermore, the SEC alleged, Nadel maintained secret bank accounts and recently transferred $1.25 million from the hedge funds into those bank accounts (OUT OF THE COUNTRY).

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.
PRIVATE INVESTIGATOR BILL WARNER...In a background check of Art Nadel and the places were he has listed an address in the last 10 years, an Atlanta address shows up in 2001 and he also lists a NYC address in 2004 of 200 Columbus Ave, Mount Vernon NY and 2825 Miami Ave , MIAMI, FL (12/01/2004)

Also listed at the 2825 Miami Ave , MIAMI, FL (12/01/2004) and the 200 Columbus Ave, Mount Vernon, NY address (New York City), in the same time frame, is Howard P. Sturman of The Sturman brothers and the Cooper Company.

The use of the address by both individuals ( Nadel & Sturman and others) usually indicates a mailing address for a business.

Art Nadel and Howard P. Sturman were directors of a Florida Corporation,Florida Profit Corporation...FLORIDA NURSING CORP.
Event Date Filed: 09/25/1961 to 12/01/1977
Florida Nursing Corp. Officer/Director Detail Name & Address
Title PD NADEL, ARTHUR G. 200 N. COLUMBUS AVE. MT. VERNON NY
Title VD STONE, RAY 200 N. COLUMBUS AVE. MT. VERNON NY
Title ST STURMAN, HOWARD P.200 N. COLUMBUS AVE. MT. VERNON NY

Art Nadel knew Howard P. Sturman before he borrowed $50,000 from NYC Mob loan sharks in 1978 or 1979 and before Howard P. Sturman became involved in the Copper Co S.E.C. debacle in 1989.

According to records obtained by the St. Petersburg Times, Attorney Art Nadel in 1978 represented
CCN Realty Corp. and its president, Richard Sanchez, in New York with a real estate deal with a Hospital, Nadel put the hospital's $50,000 deposit into an escrow account.
The deal fell through, and in May, 1980, the hospital asked for its money back.

Nadel & Sanchez were Co-Directors of a Florida Corp., "Mira Mar Court Inc" .
NYS Selected Entity Status Information: CCN REALTY CORP.
Initial DOS Filing Date: APRIL 08, 1977
County: WESTCHESTER
Jurisdiction: NEW YORK
Entity Type: DOMESTIC BUSINESS CORPORATION
Current Entity Status: INACTIVE
Address Info: RICHARD J. SANCHEZ 41 LOCKWOOD AVE. NEW ROCHELLE, NY.

But Nadel was unable to return the $50,000 because all but $152 had been spent "in connection with loan-shark transactions and related events and circumstances with his client (Sanchez)," New York Supreme Court records show.

"Nadel further stated that he shared in the problems and concerns of Sanchez."

Nadel and Sanchez were also Co-Directors in a Florida Corp;
MIRA MAR COURT INC.
Florida Profit Corporation MIRA MAR COURT, INC.
Event Date Filed: 10/19/1978 to 11/01/1985
Officer/Director Detail Name & Address
Title PD.. PEZZO, FRANK 41 LOCKWOOD AVE. NEW ROCHELLE, NY
Title ASD..NADEL, ARTHUR G 41 LOCKWOOD AVEN. EW ROCHELLE, NY
Title SD.. SANCHEZ, RICHARD J 41 LOCKWOOD AVE. NEW ROCHELLE, NY

For "professional misconduct of such a serious nature," Art Nadel was disbarred on March 11, 1982.

The association of Art Nadel and Howard P. Sturman at the 200 Columbus Ave, Mount Vernon NY address in 2004 to 2005 is somewhat curious as Howard P. Sturman, was Cooper's co-chairman and co-chief executive officer in 1988 along with Gary Singer who were elected co-chairmen and co-chief executives of the $900 million-a-year Cooper eye-care concern. In December 13, 1994...

The Securities and Exchange Commission (S.E.C.) said that the Cooper Companies had agreed to pay $2.77 million to settle charges of fraud related to junk bond trades by the company's senior executives in 1991.

The settlement with Cooper, of Fort Lee, N.J., is part of a larger criminal and civil case against the company and its former co-chairman and chief executive, Gary Singer.

In January, Cooper and Mr. Singer were convicted of Federal criminal fraud charges arising from a scheme in which Mr. Singer traded on inside tips obtained by bribing a mutual fund bond analyst. In July, the company was sentenced to pay a criminal fine of $1.8 million; Mr. Singer was still awaiting sentencing at the time the NYT article appeared.

Howard P. Sturman, Bruce Sturman, Wayne Sturman and the accountant, Jerry Schwartz, were all convicted of bankruptcy fraud in 1996 (case: US District Court Southern District of New York, US v. Schwartz, Howard Sturman, Bruce Sturman, Wayne Sturman, 96-CR 318; CR 96-657 (ADS).

From the Bureau of Federal Prisons, Howard P. Sturman did time, he got out in 2001, he was back and listed at the 200 Columbus Ave address in 2005, Art Nadel was listed there in 2004.

Thorough research into the background of the Sturmans and the Singers have uncovered scandal.


Gary Singer also did time in a Federal prison for the Junk Bonds scam, he got out in 1997 and he was part of the Cooper Company with Howard P. Sturman.When the Sturman and Singer families took control of the Cooper Companies in 1988, each was already acquainted with scandal.


CLICK IMAGE TO ENLARGE. Muriel Sturman, the mother of the Cooper investors, was charged in 1975 with Medicaid fraud. She later pleaded guilty to a single count of making false government filings.

NEW YORK TIMES ARTICLE JUNE 17th, 1975, A special grand jury in Westchester County accused Muriel Sturman, operator of the Dumont Nursing Home in New Rochelle with Medicaid Fraud, she had been charged on 43 counts of filing false documents and grand larceny, she had faced 7 years in prison.

The indictment said that Muriel Sturman paid a salary to her son Howard P. Sturman of $37,725 although Howard did not work for the Dumont Nursing Home, Howard was working with Art Nadel at the Florida Nursing Corp. Art Nadel and Howard P. Sturman were directors of a Florida Corporation, FLORIDA NURSING CORP. Event Date Filed: 09/25/1961 to 12/01/1977, same time frame as Mom Muriel Sturman's Medicaid Fraud charge !

And the three Singer brothers all worked at the construction business owned by their father, Martin, who was battling New York City school authorities -- and Federal prosecutors -- over allegedly fraudulent bills.

The documents generated in the city's civil suit against the Singers shed light on the family's associations and business methods. A letter filed in Federal court in 1990 by the New York City Law Department noted that Martin Singer had regularly used a subcontractor named Barclay Farenga, who had been arrested in a major drug raid in 1987. Mr. Farenga who described himself as an associate of the Genovese crime family later admitted to his role in the drug deal and began cooperating with authorities.

Mr. Farenga owned several companies that had worked on Mr. Singer's projects, and told city lawyers he routinely submitted phony invoices on a city school project and kicked back part of the profits to Mr. Singer -- an accusation the Singer family denied. City lawyers said the two men were close friends and that Mr. Singer was the godfather to Mr. Farenga's son. Barclay Farenga, was arrested in November 1987 for trafficking in cocaine.

'Suspected New York Mob Leaders Are Indicted in Contract Rigging' ...Mr. Farenga, officials said, told the authorities that two murder victims had been buried in a window-manufacturing plant at 99 Scott Avenue in the Williamsburg section of Brooklyn. The company was said to be run by Peter Savino, who the authorities said was an associate in the Genovese family. Mr. Farenga is now in the witness protection program.

Moreover, over the years, several local governments have barred the Singer construction companies from bidding on public projects, citing their less-than-candid accounts of the school fraud investigation. Martin Singer declined an interview, on the advice of his attorney. "I'd love to talk to you," he said, "but every time I open my mouth, the lawyers scream at me."

At this time, all that is known as to the association of Art Nadel and Howard P. Sturman is that they have a history dating back to the 1960's as Co-Directors of Florida Nursing Corp. and that assocaition lasted some 16 years into 1977.

Art Nadel was able to borrow $50,000 from NYC Mob loan sharks in 1978 or 1979, this indicates some sort of Mob connection as Mob loan sharks are not listed in the phone book.

The Sturman & Singer duo took control of the Cooper Co, Singer had direct connections to the Genovese crime family who run the NYC Mob loan sharks.

Cooper Co & Singer were investigated and fined by the S.E.C. (as is Art Nadel) S.E.C. further prosecuted Mr. Singer who traded on inside tips obtained by bribing a mutual fund bond analyst..........connect the dots.



Bill Warner
private investigator
WBI Inc private Detective Agency
Sarasota Fl
email
wbi@comcast.net