Sunday, February 28, 2010
Update: Nadel Pleads Guilty In Nearly $400 Million Ponzi Scheme
Arthur G. Nadel, 77, of Sarasota, Florida, pleaded guilty Wednesday to all 15 charges he ran a Ponz-type investment fraud scheme that bilked investors out of some $360 million. Nadel was indicted last April 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. Nadel has agreed to forfeit $162 million and a prison sentence of at least 12 1/2 years. Nadel, an attorney by training, was disbarred in 1982 for taking $50,000 in escrow funds from a client in a real estate deal.