Showing posts with label ART NADEL PAID NYC MOB LOAN SHARKS $50000 FROM CLIENTS ESCROW ACCOUNT. Show all posts
Showing posts with label ART NADEL PAID NYC MOB LOAN SHARKS $50000 FROM CLIENTS ESCROW ACCOUNT. Show all posts

Tuesday, January 20, 2009

Art Nadel Sarasota "Victory Fund" Burns Mace Security Co. For $2.2 Million

The company that makes the Mace defense spray says it has lost $2.2 million in the Sarasota hedge funds operated by Arthur G. Nadel. Mace Security Company said The Victory Fund failed to pay the money on Jan. 15 as expected.

The $2.2 million is the largest amount of money any investor has publicly acknowledged losing in the funds operated by the missing Art Nadel.

Mace, based in Horsham, Pa., said it received $1 million from the Victory Fund in November. “We have already filed a report with the authorities, and we intend to take all possible legal action against the Victory Fund,” said Dennis Raefield, Mace’s president and CEO. 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.

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.

UPDATE....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

HORSHAM, Pa.--(BUSINESS WIRE)--Mace Security International, Inc. ("Mace", “Corporation” or the “Company”) (Nasdaq Global:MACE) today announced the status of its investment with The Victory Fund, Ltd. (“The Victory Fund”), a short term hedge fund investment made by the company.The Victory Fund did not pay the $2,206,748 amount that was due to be paid on January 15, 2009.

On November 5, 2008, Mace received $1,000,000 of its original investment from the Victory Fund. The original amount invested in the Victory Fund was $2,000,000.

From Florida Division Corp records, Victory Fund is owned by Scoop Capital LLC and Arthur Nadel, click here., the initial set up name for the Victory Fund was Intex Trading Corporation. INTEX TRADING CORPORATION at 1618 MAIN STREET SARASOTA FL 34236 shut down, on paper, in 2005, click here for records.

“We have already filed a report with the authorities, and we intend to take all possible legal action against the Victory Fund,” said Dennis Raefield, Mace’s CEO and President.


“Mace continues to have a solid balance sheet, cash in the bank and strong business fundamentals.”

On January 15, 2009, during a telephone conversation between the Corporation’s General Counsel and a representative of the hedge fund, the representative of the hedge fund stated that:
(a) the deposits and other investments of the hedge funds managed by Arthur Nadel, including the Victory Fund, cannot be located.
(b) documents previously provided to the representative by Mr. Nadel have proven not to be authentic;
(c) the representative had reported the above events to the Securities and Exchange Commission and the authorities in the State of Florida. The Company is in the process of verifying the statements of the Victory hedge fund representative.

As previously disclosed, in the Company’s Form 10-Q for the quarter ended September 30, 2008, Mace requested redemption of the Victory Fund, Ltd., hedge fund investment, on June 18, 2008. Under the Limited Partnership Agreement with the hedge fund, the redemption request was timely for a return of the investment account balance as of September 30, 2008, payable ten business days after the end of the September 30, 2008 quarter.

The Victory hedge fund and the Mace Corporation entered into a written agreement requiring the hedge fund to pay the redemption amount in two installments, one installment of $1,000,000, which was received on November 5, 2008, and a second installment of $2,206,748, which was to be received on January 15, 2009.

The Mace Corporation will record a charge of $2,206,748 as an investment loss at December 31, 2008. If the Corporation recovers any of the investment loss, such amounts will be recorded as recoveries in future periods when received. As of December 31, 2008, Mace had approximately $8,900,000 of cash and short term investments, excluding the value of the Victory Fund investment.

About Mace; Mace Security International, Inc. is a manufacturer of personal defense and electronic surveillance products marketed under the famous brand name, Mace®. The Company also operates a Digital Media Marketing and e-commerce business. In addition, Mace owns and operates car washes, and has previously announced that it is exiting this segment of its business. The Company’s remaining car washes for sale are located in Texas.

Mace’s web site is http://www.mace.com/. Certain statements and information included in this press release constitute “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995.


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

Monday, January 19, 2009

Federal investigators look for Art Nadel in Slidell, La, North of New Orleans..

Federal law enforcement agents have tracked missing Sarasota hedge fund manager Arthur G. Nadel to Slidell, La., through cell phone records, according to sources close to the investigation.

Nadel called his wife, Peg Nadel, last week and investigators used those cell phone records to place him in Slidell La, a community of 90,000 people northeast of New Orleans, during the weekend, the sources said.

FBI Agents and U.S. Securities and Exchange Commission investigators are believed to be in the city of Slidell La looking for Art Nadel and the missing $350 Million.

Slidell is just across Lake Pontchartrain from New Orleans, a city famed for its jazz. Nadel, a former jazz pianist on the New York club scene, generously supported the Sarasota jazz community. UPDATE.....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.

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.


His disappearence means that the Jazz Club of Sarasota is canceling eight of nine events he sponsored.Nadel reportedly has not been seen since Wednesday, the day before other fund managers admitted to customers that their money was gone.

Nadel’s light green Subaru was found Thursday afternoon at Sarasota-Bradenton International Airport. Sarasota County Sheriff’s deputies searched the car before releasing it to the family. 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.

Virginia Hoffman, Nadel’s ex-wife, said she wasn’t surprised to learn he had disappeared, along with the money. “I am not shocked by the act,” Hoffman said in a Jan. 17 e-mail. “I am shocked by the magnitude of what he has done.”

Hoffman and Nadel were divorced in 1999, according to the Sarasota Clerk of County Comptroller. Hoffman said they were together for 15 years and married for four. Hoffman said she was Nadel’s third wife.

Art Nadel currently was living in a $250,000 four-bedroom home in Sarasota and driving a late model Subaru SUV, hardly the high life. He didn't appear to be extravagant," said Bill Warner, a resident who knows a few of Nadel's investors. "That's why I think people trusted him." Warner said investors are embarrassed. "People lost their life savings with this guy," he said. "People who had a great lifestyle and were secure, and all of a sudden, it's all gone."

In Sarasota, many people “knew of his past business deals which had gone sour but yet folks still trusted him with their money,” Hoffman said, CLICK SARASOTA COUNTY RECORD IMAGE TO ENLARGE. Nadel, who had graduated from New York University School of Law, was disbarred in the 1980s, Hoffman said.

According to New York state records, an
Arthur G. Nadel was disbarred March 11, 1982, for violating terms of an escrow agreement, in which he held $50,000 as part of a sales transaction between a realty corporation and a hospital.

He was found guilty of dishonesty, fraud, deceit and misrepresentation by a disciplinary committee. Nadel paid back the money.

From Sarasota County Records Arthur G. Nadel was the subject of several Lawsuits, Tax Liens and Judgments when he ran SARASOTA DESIGN GALLERY in 1993, see Judgments listed on Sarasota County records image. Arthur G. Nadel somehow got his hands on $350 milion of other peoples money.


Bill Warner
private investigator
WBI Inc private Detective Agency
Sarasota Fl
e-mail wbi@comcast.net

No sign of US financier or his clients' millions, Sarasota's Art Nadel "He didn't appear to be extravagant," said Bill Warner

No sign of US financier or his clients' millions, Sarasota's Art Nadel "He didn't appear to be extravagant," said Bill Warner...By CHRISTINE ARMARIO, Associated Press Writer Sunday, January 18, 2009..The San Francisco Chronicle.

The 75-year-old hedge fund manager raked in high returns for his clients but left the luxury cars and the exorbitant lifestyle to others. So confident were investors in his ability to manage their money that they entrusted hundreds of thousands of dollars apiece to his care. Now they're wondering where Nadel is and what he's done with their money.

See my prior post, Saturday, January 17, 2009,

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


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.

The Sarasota Police Department had received at least seven complaints as of Sunday from investors, some of whom say they have lost upward of $700,000. It wasn't clear how much money was invested or how much might be missing, though one investor said the hedge fund had been worth as much as $350 million and might have been completely drained. 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.

UPDATE...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.

Among the business's run by Art Nadel were, SCOOP INVESTMENTS, LP 1668 MAIN ST SARASOTA FL, he also ran SCOOP CAPITAL, LLC out of 1618 Main St Sarasota, as well as SCOOP MANAGEMENT INC, both are active in the Florida Division of Corporations records .

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

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, CLICK IMAGE ABOVE. Art Nadel was a former jazz pianist on the New York club scene, is said to be the one who did all the trading.

No sign yet of aging Florida financier or his clients' millions; wife worries, clients seethe" Mini-Madoff in Sarasota.."I'm angry," Brad Lerner, a doctor who invested $500,000 with Nadel three years ago, said Sunday. "I'd like to see the truth come out and (the) money returned." Zeb Portanova, chairman of the board of Habitat for Humanity Sarasota, guessed at how many well-heeled Sarasotans might be affected based on the steady stream of calls to his cell phone. "I am guessing close to 300 people in Sarasota had money with them," Portanova said.

Nadel's family reported him missing Wednesday, and on Thursday, police found his green Subaru in an airport parking lot. He left a note for his family, in which he appeared to be "very distraught," the Sarasota County Sheriff's Office said. 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.

See my prior on Sarasota Scam artist Neil Husani who stole millions, 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.

TAMPA 11/04/08.....Southwest Florida businessman Michael Tringali pleaded guilty on Monday to taking part in the region's largest mortgage fraud case, setting the stage for him to testify against his former partners and to receive a lighter sentence as a result.

Along with Neil Husani and Sarasota attorney John Yanchek, Tringali was indicted in an $83 million scheme to defraud seven Sarasota banks, indictments came in July after an extensive investigation by the Herald-Tribune revealed what the 3 men and another partner were doing. It turns out that Husani, whose business dealings in Southwest Florida had been investigated by the FBI, was in Amman, Jordan. His mother-in-law, Kafaya Zahran, saw Husani entering the Holiday Inn in Amman, Jordan which is her hometown.

A woman who answered the door Sunday at Art Nadel's home declined to identify herself. Investigators continued to search for Nadel through the weekend. "Sarasota is a good sized place, but it's actually a very small community of people," police Capt. Bill Spitler said. "Obviously we have white collar crime. But very few places have anything of this magnitude."

Nadel operated out of Scoop Management Inc., which has a modest office with burgundy awnings on Sarasota's Main Street. According to the Sarasota Herald-Tribune, his investors ranged from individuals to the local YMCA Foundation.

"He didn't appear to be extravagant," said Bill Warner, a resident who knows a few of Nadel's investors. "That's why I think people trusted him." The YMCA Foundation of Sarasota confirmed Friday that it had lost $1.188 million, or 13 percent of its total assets, because the money was invested with a fund run by Scoop Investments Inc. Scoop co-founder Moody had donated roughly $1 million to the YMCA, with the proviso that the money stay invested at one of Scoop's funds, called Valhalla Management LLC. Last week, Moody informed YMCA officials that the money was gone. Simultaneously, he resigned as foundation director.

Spitler said police still don't know exactly how the fund operated, but that each victim who has come forward claims to have invested hundreds of thousands of dollars."The alleged perpetrator and victims in this case were all philanthropists," he said. "They knew each other. They had a strong bond. And for our community, I don't care even if it's a big city ... this is a lot of money."

Lerner said he received monthly reports from the fund. "I was quite pleased with the results," he said. The last update arrived at the end of November, and showed an 8.5 percent return for the year to date.

Then on Thursday, Lerner said he received a visit at his office from Neil Moody, a business associate of Nadel's. Lerner said he was told that Nadel had disappeared, and that the $350 million fund appeared to be empty. He didn't get many more details.

Contacted at his home on Sunday, Moody said there were six funds, and that Nadel was the trader for all of them. Moody declined to elaborate on his relationship to the fund, referring all comment to his attorney.

"I know nothing about how Mr. Nadel is doing and that's all I'm going to say," said Moody, who previously said his family has also lost millions. Moody's attorney did not immediately return a telephone message from The Associated Press.

Warner said investors are embarrassed. "People lost their life savings with this guy," he said. "People who had a great lifestyle and were secure, and all of a sudden, it's all gone." sfgate.com

Also see "No sign of US financier or his clients' millions" story posted in;
Chicago Tribune business
Fox news .com
Baltimore Sun business
Seattle Times
International Herald Tribune
Star Tribune Minneapolis, MN
The Post-Standard Syracuse NY
BBC News London
Seatlle PI
Yahoo News
USA Today
The Guardian UK
Miami Herald
The Sacramento Bee
ABC News.com
The Washington Post
The Charlotte Observer

The Sarasota 'Mini-Madoff' is named 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..


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

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/