Florida Fund Manager Faces Multiple Fraud Charges

In a case similar to that of Bernard Madoff, Reuters reports that Arthur Nadel, a Florida hedge fund manager has been arrested and will be transported to New York to face charges of both securities fraud and wire fraud.  Investigators allege that Nadel who disappeared on January 14^th, but later surrendered to the FBI, holds only about $1 million of a reported $300 million.   At age 76, Nadel potentially faces 40 years in prison and millions of dollars in fines if convicted on all charges.

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