Missing Fla. hedge fund manager turns himself in
National News
A Florida hedge fund manager who disappeared this month just as he was due to pay investors $50 million turned himself in to authorities Tuesday to face federal securities and wire fraud charges.
Arthur Nadel, accompanied by two attorneys, surrendered in Tampa, about an hour north of his home in Sarasota, the FBI said.
He was chained at the waist and wrists when he appeared in court later Tuesday. Attorney Barry Cohen said Nadel is not violent and asked that he be released on his own recognizance. He said Nadel has emotional problems and does not pose a flight risk, but a federal judge ordered him held at least until Friday.
Asked outside court where his client had been for two weeks, Cohen said, "He went away for a while just to be alone." He declined to say where exactly Nadel was, and the FBI did not provide details.
Federal regulators last week sued Nadel for fraud, saying he misled investors and overstated the value of investments in six funds by about $300 million. The Securities and Exchange Commission also won a court order freezing his assets.
A criminal complaint unsealed Tuesday in federal court in Manhattan alleges Nadel has been defrauding investors since 2004.
Nadel, 76, disappeared Jan. 14 after telling his wife in a note that he felt guilty. He also threatened to kill himself, according to the Sarasota County Sheriff's Office. Police found his green Subaru the next day in an airport parking lot.
In a lawsuit filed in federal court in Tampa, the SEC said Nadel recently transferred at least $1.25 million from two funds to secret bank accounts that he controlled.
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Nicholas C. Minshew - Minshew & Ahluwalia LLP
Nicholas C. Minshew, Attorney at Law, concentrates his practice in the area of Family Law including divorce, separation, child support, child custody, alimony, division of property, separation agreements, domestic violence, prenuptial agreements, and child support enforcement & modification. Mr. Minshew provides legal services to clients in Washington, D.C., and throughout Maryland, including Montgomery County, Frederick County, and Prince George’s County. Mr. Minshew obtained his Juris Doctorate degree from the American University, Washington College of Law in 2000, where he worked as an editor for the Administrative Law Review. After receiving his law degree, Mr. Minshew worked as an attorney for the global law firm of Morgan, Lewis & Bockius LLP, and for Leonard Street & Deinard LLP representing companies in Federal proceedings. During that time, Mr. Minshew redirected his focus to provide legal services directly to individuals and families.