1/17/09

Reuters: Arthur Nadel - Sarasota Florida Mini-Madoff - On the Lam. Is he Jewish?

Seems like Arthur Nadel - of Scoop Management - aka the Sarasota Mini-Madoff - is on the lam. And if you are asking, yes, he is a Jew, and, "a prominent player in Sarasota's Jewish social and philanthropic circles." Sound familiar?

Arthur - come home and get a lawyer. The word on the street is that Obama is forgiving everyone... and moving on...Madoff is out on bail and word is he will never go to jail.

Obama's letting Bush and Cheney go! Don't do anything rash. You can live and be well. It's only money.
Missing money manager believed alive: associate
By Jim Loney

MIAMI (Reuters) - A missing Florida money manager is believed to be alive, his business associate said on Saturday as police investigated the possible disappearance of hundreds of millions of dollars from investment funds.

The family of Arthur Nadel, 75, a Sarasota, Florida, philanthropist and president of Scoop Management, Inc., reported him missing on Wednesday.

He left a note for his family that was characterized by a local newspaper as a suicide note. Police would not disclose its contents but said his family believed he was "distraught" at the time of his disappearance.

On Friday, Sarasota police launched an investigation, saying they had received complaints that "hundreds of millions of dollars" may have vanished from the funds Nadel managed.

Neil Moody, a Nadel business associate and the founder of a fund family that invested with Scoop, said Nadel has been in contact with Nadel's wife. He said he believed Nadel was still alive.

"At this point we have every indication that he is," Moody told Reuters, adding that he did not know where Nadel was.

"If we knew where he was, we'd be on him," Moody said.

The Florida investigation, which the Sarasota Herald-Tribune said could involve as much as $350 million, began just over a month after the arrest of New York money manager Bernard Madoff on charges he ran a giant $50 billion Ponzi scheme that shook the investment world.

The Madoff case rattled charities and wealthy families in Palm Beach on Florida's east coast. The Nadel allegations have struck hard in Sarasota, on the state's west coast, where the missing money manager was well-known in society circles and a prominent donor to local causes.

Moody's Valhalla Management said it contracted with Nadel's Sarasota-based Scoop Management to invest funds branded as Valhalla, Viking, and Viking IRA. The Herald-Tribune said Moody told investors in a statement this week that the funds may have "virtually no remaining value."

The paper said Moody had contacted the U.S. Securities and Exchange Commission and other authorities to report the situation.

In a statement issued on Saturday, Valhalla Management characterized Nadel's last message as a suicide note.

"It appears, however, that he is likely still at large. It also appears that he has engaged in improper and unauthorized activities," the statement said.

"The owners of Valhalla Management, who had contracted with Scoop Management to invest substantially all of Valhalla and related fund's assets, are cooperating with all local and federal authorities to determine exactly what happened."

VICTIMS CONTACT POLICE

Moody, who is also prominent in Sarasota social circles and active in causes ranging from the YMCA to the local symphony, was the founder of Valhalla Management and Viking Management, according to published reports.

Moody's lawyer, James Fox Miller of Boies, Schiller and Flexner, issued a brief statement via e-mail saying that Moody and his son, Christopher, were also victims of Nadel.

"Our clients Neil and Christopher Moody just learned that they, along with many others who invested monies with Arthur Nadel have been victimized by his unauthorized and inappropriate actions," it said.

Sarasota police said the investigation began on Friday after calls from at least five possible victims. Capt. Bill Spitler said many of the victims appeared to have lost $500,000 or more, some the majority of their life savings.

Other victims had come forward since news of Nadel's disappearance broke, Spitler said.

Geoff Quisenberry, Nadel's stepson, was quoted in the Herald-Tribune on Saturday as saying Nadel's family was not ready to comment on the allegations.

"Other than that, all I can say is ... we love him. We miss him. We hope that he is safe, and we hope that he comes home," Quisenberry told the newspaper.

(Editing by Mohammad Zargham)

5 comments:

Anonymous said...

I live in Marin Co. California, I am half Jewish and major talk around town is how the Jews are responsible for the financial chicanery on the street. If liberal Marin is thinking in these terms than I would suggest serious damage has been done. I do fear what might develop from this situation if some of these blogs pick up a head of steam.

Anonymous said...

your thinking iis backwards...
the "liberals" and the far left are often the biggest anti-Semites

Karen said...

Missing Sarasota hedge fund manager Arthur Nadel has turned himself in to the FBI in Tampa and is scheduled to make his first appearance before a federal magistrate this afternoon.

Anonymous said...

Could Nadel be the victim of the subprime and financial meltdown? There was no mention of a Ponzi scheme.

steelermom said...

Warning signs raised about Nadel in 2005. His firm, Scoop Management, wouldn't release audited financial statements, didn't have an administrator to oversee the funds: http://www.newsinferno.com/archives/4710