Friday, October 22, 2010
Sarasota Hedge Fund Manager Arthur G. Nadel Sentenced in Manhattan Federal Court to 14 Years in Prison for Operating Massive $330 Million Ponzi Scheme
For Immediate Release
October 22, 2010 United States Attorney's Office
Southern District of New YorkContact: (212) 637-2600
PREET BHARARA, the United States Attorney for the Southern District of New York, announced that ARTHUR G. NADEL, a former hedge fund manager from Sarasota, Florida, was sentenced today to 14 years in prison for operating a Ponzi scheme that raised more than $330 million from approximately 390 investors in six different funds. NADEL pled guilty in February 2010 to fifteen counts of securities fraud, mail fraud, and wire fraud, before U.S. District Judge JOHN G. KOELTL, who also imposed the sentence.
Manhattan U.S. Attorney PREET BHARARA said: "Through his massive Ponzi scheme, Arthur Nadel greased his own pockets and financed his lavish lifestyle, using money his clients relied on him to invest. He cheated his elderly and unwitting victims out of their retirement savings and consigned others to poverty. The message of today's sentence should be loud and clear - we will continue to work with our partners at the FBI to find the perpetrators of financial fraud and use every resource we have to bring them to justice."
According to the Complaint and Indictment previously filed in this case, and statements made during NADEL's guilty plea and sentencing proceedings: From 1999 through January 2009, NADEL perpetrated a Ponzi scheme to defraud investors in six different investment funds (collectively, the "Funds"). During the scheme, NADEL persuaded people to invest their retirement money and savings in the Funds by lying to them about his success in trading and inflating the value of the Funds. For example, NADEL claimed that his trading prowess resulted in consistent, double-digit yearly returns. In reality, NADEL repeatedly lost money and stole investor money to fund his lavish lifestyle and several businesses, including a real estate project in North Carolina, his wife’s flower shop, and his purchase of several private planes.
To further the scheme, NADEL created and caused others to create false and fraudulent client account statements and other documents showing fictitious positive returns consistent with the double-digit returns NADEL falsely claimed he achieved. Based in part on NADEL's false statements to investors and others, from 1999 through January 2009, nearly 330 people invested more than $390 million with the Funds. NADEL received tens of millions of dollars in management fees and performance incentive fees and, moreover, transferred and caused to be transferred millions of dollars in investor money in the Funds to accounts and entities that he owned and/or controlled. The investors in the Funds did not authorize NADEL to make these transfers, and NADEL failed to disclose them. As a result of NADEL’s fraud, investors suffered losses of approximately $168 million.
Mr. BHARARA praised the investigative work of the FBI and thanked the U.S. Securities and Exchange Commission for its assistance in the investigation of this case. This case was brought in coordination with President BARACK OBAMA's Financial Fraud Enforcement Task Force, on which Mr. BHARARA serves as a Co-Chair of the Securities and Commodities Fraud Working Group. President OBAMA established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes.
The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.
FEDERAL BUREAU OF PRISONS;
Bill Warner Private Investigator, SEX, CRIME, CHEATERS & TERRORISM at http://www.wbipi.com/
Thursday, October 21, 2010
Dutch Muslims Want Anti-Islam Lawmaker Convicted, Geert Wilders Neo Nazi Links Bringing Him Down, See Photo.
AMSTERDAM – Muslim witnesses said Monday that a Dutch lawmaker's anti-Islamic comments had led to attacks and intimidation, and they pleaded with judges to convict him and give him a symbolic fine of one euro ($1.40).
Geert Wilders is facing charges of inciting hatred and discrimination against Muslims for statements that include comparing Islam with Nazism and calling for banning the Quran and taxing Muslim scarves, which he calls "head rags." His trial has been seen as testing the limits of free speech. Prosecutors last week acknowledged they have failed to prove the case against him and called for his acquittal. But the judges may disagree, and their verdict is expected Nov. 5.
"Arson. Attempted arson. Vandalism. Disturbances. Incivility to people attending mosques. Obscenities. Intimidating behavior — they have all become everyday occurrences" as a result of Wilders' public remarks, said Mohammed Enait, speaking for an alliance of Dutch mosques that had asked to testify as victims in the case.
Wilders denies inciting hatred of Muslims, and says he criticizes Islam because it's an ideology that rejects Western values. He says it is not a crime to state what many Dutch voters believe. Enait said Dutch Muslims have suffered tangible damage as a result of Wilders' repeated negative remarks about Islam. He said there are countless incidences of "children being cursed at while they walk. Stories from women ... who are spit upon, mocked because they wear headscarves." more from this source...
In an interview with Haaretz, Geert Wilders said he is considering forming an alliance with Belgium’s far-right Vlaams Belang party, he has hitherto shunned. Belgian Jews also shunned Vlaams Belang.
Dutch Extreme Right Political Parties; The Vlaams Belang (Flemish Interest VB) succeeded the Vlaams Blok after the latter was forced to disband in 2004 following a Belgian court’s decision that it was racist and outside the bounds of legal public discourse see (ASW 2004).
After toning down some of the Blok’s extremist anti-immigrant and Holocaust denial rhetoric, the VB won significant percentages of the vote in Flanders. Despite its demonstrations of solidarity with the Jewish community since the creation of the AEL and its more moderate tone in relation to the Holocaust and the Jews in general, the VB continues to retain ties with small neo-fascist and antisemitic groups, such as Voorpost, Were Di and the Vlaamse Militanten Orde (VMO).
Vlaams Belang says one thing to the Dutch Press and then alligns itself with Neo-Nazi facist groups like ITS and Voorpost. The Vlaams Belang (VB) is one of the founders of the Identity, Tradition and Sovereignty (ITS), a racist and antisemitic group formed in the European Parliament in January 2007.
ITS members include the French National Front and Romania's Greater Romania Party, (Holocaust denial ) among others. The Greater Romania Party (PRM) is a Romanian ultra-nationalist political party, led by Corneliu Vadim Tudor.
The party is sometimes referred to in English as the Great Romania Party. It promotes strongly nationalist policies and is seen as the most ultra right-wing of the major Romanian parties. The party's philosophy has often been characterized as xenophobic, anti-ethnic Hungarian, anti-Roma, homophobic, Antisemitic, and irredentist. Bruno Gollnisch, MEP is the leader of the European parliamentary group Identity, Tradition and Sovereignty .
Bill Warner Private Investigator, SEX, CRIME, CHEATERS & TERRORISM.
Monday, October 18, 2010
[ Via: Washington Post ] A new analysis of political signs displayed at a tea party rally in Washington last month reveals that the vast majority of activists expressed narrow concerns about the government’s economic and spending policies and steered clear of the racially charged anti-Obama messages that have helped define some media coverage of such events.
Emily Ekins, a graduate student at UCLA, conducted the survey at the 9/12 Taxpayer March on Washington last month by scouring the crowd, row by row and hour by hour, and taking a picture of every sign she passed. Ekins photographed about 250 signs, and more than half of those she saw reflected a “limited government ethos,” she found – touching on such topics as the role of government, liberty, taxes, spending, deficit and concern about socialism.
Examples ranged from the simple message “$top the $pending” scrawled in black-marker block letters to more elaborate drawings of bar charts, stop signs and one poster with the slogan “Socialism is Legal Theft” and a stick-figure socialist pointing a gun at the head of a taxpayer. There were uglier messages, too – including “Obama Bin Lyin’ – Impeach Now” and “Somewhere in Kenya a Village is Missing its Idiot.” But Ekins’s analysis showed that only about a quarter of all signs reflected direct anger with Obama. Only 5 percent of the total mentioned the president’s race or religion, and slightly more than 1 percent questioned his American citizenship.
Bill Warner Private Investigator, SEX, CRIME, CHEATERS & TERRORISM