Arthur G. Nadel, 76, of Sarasota, Florida, has been formally indicted on 15 counts of securities fraud, wire fraud and mail fraud in connection with his alleged Ponzi scheme investment fraud involving his Scoop Management Inc. money management company. Prosecutors alleged that he bilked at least 350 investors out of as much as $360 million. The indictment includes six counts of securities fraud, eight counts of wire fraud and one count of mail fraud. Nadel allegedly told investors that his securities trades generated $271 million in gains when in fact they had a net loss. Nadel was charged in January by the SEC with securities fraud and Nadel went missing. He ultimately turned himself into authorities after two weeks on the run. He faces as much as 280 years in prison if convicted on all counts.Read the story here.
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