Arthur Nadel Touted as America’s Top Ranked Money Manager

Before Arthur Nadel disappeared, along with $350 million of his clients money, he was touted as “America’s Top Ranked Money Manager” in a 2003 issue of the Wall Street Digest

The FBI’s Tampa office opened an investigation into Nadel on Tuesday, launching a search for the 76-year-old former New York jazz pianist whose disappearance has drawn parallels to last month’s arrest of former Nasdaq Stock Market chairman Bernard Madoff.
Like Madoff’s funds, Nadel’s investments generated returns regardless of whether markets rose or fell. Hagar estimates he saw a total return of about 70 percent over seven years.
Madoff allegedly confessed to his sons that his firm’s investment-advisory business was “basically a giant Ponzi scheme” in which money from new investors is used to pay distributions and redemptions to existing investors.
A visit to the offices of Nadel’s company, Scoop Management Inc, in Sarasota on Tuesday found the doors locked and lights out. Through a window, the office looked orderly with papers stacked as if it were just closed for the weekend.
“They’re out of business,” a man said as he walked by.
At Nadel’s home in a quiet, upscale neighborhood in Sarasota, his daughter Alex came outside to address reporters but would only say, “We can’t say anything now.”
Sarasota Police Capt. William Spitler said detectives were trying to determine the total amount of money that might be missing, based on calls from investors. “It’s alarming. It’s hundreds of millions of dollars for sure,” Spitler said.

Posted by on January 21st, 2009 at 11:50 am


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