US v. Nadel

Indictment of Arthur G. Nadel for securities fraud


Sarasota hedge fund manager Arthur G. Nadel was indicted on 15 counts — securities, mail and wire fraud — for a 10-year scheme to defraud investors of millions of dollars.

NADEL solicited prospective clients to invest in the Funds by making various misrepresentations about the performance and value of the Funds, including that the net asset value of each of the Funds was tens of millions of dollars. NADEL also claimed to investors that his purchases and sales of securities in the Funds had generated cumulatively more than $271 million in gains. In truth, NADEL’s trading resulted in an overall net loss in the Funds.

To further the scheme, NADEL created and caused others

to create false and fraudulent client account statements, among other documents, that reflected fictitious positive returns consistent with the returns NADEL represented to investors he had achieved.

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Reference Info:Pleadings | Federal, 2nd Circuit, New York | United States

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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