Manhunt On For Missing Hedge Fund Manager

Manhunt On For Missing Hedge Fund Manager - 1/20/2009

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HEADLINE NEWS:

Manhunt On For Missing Hedge Fund Manager
Anne Urda

Securities Law 360. January 20, 2009
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EXCERPT: Authorities are looking for a Florida hedge fund manager who vanished six days ago as clients worry about what happened to the $350 million of their money that is believed to be in the financier's possession. On Saturday, the Federal Bureau of Investigation and securities regulators officially joined the search for Arthur Nadel, who has been missing since early last Wednesday, according to various media outlets. Nadel serves as president of Sarasota, Fla.-based Scoop Management, which manages such funds as the Valhalla Investment Partners. While the company is said to oversee an estimated $350 million, that figure may be a tad high due to overestimated performance results, according to one of Nadel's business partners. Nadel was last seen by his wife on Wednesday morning, and has been in contact with her despite having left a suicide note, according to various reports. Police began looking into reports after fielding complaints about the missing funds. Officers subsequently found Nadel's light green Subaru car at the local airport. Investors have allegedly been warned that the funds may have no remaining value. Nadel purportedly made his name as a real estate developer in the 1960's and was a fixture on the Sarasota social scene. The scandal is just the latest to rock the investment community in recent months, though no single scheme's impact has been as vast as the one allegedly pulled off by Bernard Madoff. Madoff was charged Dec. 11 with securities fraud for allegedly defrauding investors of as much as $50 billion, shocking Wall Street and kicking off an avalanche of litigation and scrutiny from the U.S. Securities and Exchange Commission. Thus far, Madoff remains under house arrest, much to prosecutors' chagrin.

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