Time to update Art Nadel on the run . The person at the center of six failed hedge funds in Sarasota, Florida operated by Scoop Management (who thinks these company names up?) has been arrested by the FBI in Tampa. He voluntarily surrendered in the accompany of two lawyers. Few details are available at this time. Of a reported $300M under management, so far they have found approx. $1M. Assets are frozen. A handwrittten letter found in a shredding machine advises Mr. Nadel's wife to use her trust as soon and as much as possible stating the avenues to money will be blocked soon.At least as interesting as his arrest are two other tidbits: (1) the news that his accountant was not duely registered to practice in Florida. And (2) Mr. Nadel was disbarred for "dishonesty, fraud, deceit and misrepresentation." in New York in the late 70's. Wow, this stuff just keeps getting better and better.
UPDATE1: The Vencie JetCenter has been seized and placed into receivership as a result of these failed funds. Venice Jet Center seized as part of Nadel's fraud case
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