Video Bar

Loading...

Wednesday, April 29, 2009

Sarasota Scammer Art Nadel Indicted On 15 Counts Of Fraud, Cash Was Stashed In New York City Then Wired To Florida.

Sarasota Scammer Art Nadel Indicted On 15 Counts Of Fraud, Cash Was Stashed In New York City Then Wired To Florida.

Sarasota money manager Arthur G. Nadel was indicted Tuesday on 15 fraud counts, accused of running a 10-year scheme that bilked investors out of hundreds of millions of dollars.
If convicted, he faces a combined 280 years in prison and the loss of his Sarasota home, bank accounts and other property he amassed with money from the alleged scam.

The federal grand jury's indictment in Manhattan comes more than three months after Nadel fled Sarasota as his hedge funds collapsed. See also my prior post, 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

From the outset of the scheme, and continuing throughout its operation, NADEL obtained investor funds through interstate wire transfers from financial institutions located in the Southern District of New York and elsewhere and through mailings delivered by the Postal Service.

In connection with this scheme, ARTHUR G. NADEL, the defendant, created and caused to be created false and fraudulent documents including, but not limited to, client account statements that reflected fictitious positive returns consistent with the returns that had been promised to investors in the Funds.

NADEL caused money to be transferred by wire from New York, New York, to bank accounts located outside New York for the purpose of executing the scheme to defraud the investors in the Funds, as set forth below, see sampling:
DESCRIPTION OF TRANSFERS:
03/25/08, Wire transfer of approximately $200,000 from New York, New York, to a bank account in Florida.
04/02/08, Wire transfer of approximately
$100,000 from New York, New York, to a bank account in Florida.
06/24/08, Wire transfer of approximately
$400,000 from New York, New York, to a bank account in Florida.
07/02/08, Wire transfer of approximately
$50,000 from New York, New York, to a bank account in Florida.
08/22/08, Wire transfer of approximately
$900,000 from New York, New York, to a bank account in Florida.
11/06/08, Wire transfer of approximately
$75,000 from New York, New York, to a bank account in Florida.
12/02/08, Wire transfer of approximately
$350,000 from New York, New York, to a bank account in Florid.
01/05/09, Wire transfer of approximately
$179,000 from New York, New York, to a bank account in Florida.



Bill Warner
private investigator