Arthur Nadel

Arthur Nadel

Arthur Geoffrey Nadel (January 1, 1933 – April 16, 2012) was a crooked hedge fund manager, disbarred lawyer, piano player, and philanthropist. He was indicted on 15 counts including six counts of securities fraud, eight counts of wire fraud and one count of mail fraud in a federal court in Manhattan. If found guilty, Nadel could have been sentenced to 280 years in prison and would have been required to forfeit all assets connected to the fraud.

Nadel was a Sarasota, Florida based manager of the hedge fund Scoop Management Co., which has reportedly lost $350 million. He was arrested on January 27, 2009 after surrendering at the Tampa Federal Bureau of Investigation (FBI) office. . Nadel, who had been reported missing by his fifth wife since January 14, was accompanied by two attorneys, Todd Foster and Barry Cohen.

His wife, Marguerite "Peg" J. (Quisenberry) Nadel had contacted authorities after he left a note telling her how to survive financially without him. “The avenues to money for you will likely be blocked soon,” Nadel wrote to his wife in a note that employees found January 15 in a shredding machine. “Withdraw as much cash as you can,” he said, adding that he would send further instructions. “Sell the Subaru if you need money.” He left a package for his wife. “Look at all the recently paid bills in the ‘package’ to see where they stand,” he wrote. “Also in the package are enough documents that I think will do the trick to give you complete control and ownership of what is left, and even documentation for divorce.”

She said he was distraught over the losses, according to Bloomberg News. According to the Sarasota County Sheriff's Office, Nadel felt guilty and threatened to kill himself. As of January 20, 2009, Federal law enforcement authorities had tracked Nadel to Slidell, Louisiana. The Nadel case has been compared to the recent alleged frauds of Bernard Madoff and Marcus Schrenker. Nadel was held in the Metropolitan Correctional Center in Manhattan, the same facility where Madoff was sent to on March 12, 2009.

On April 18, 2012, Arthur Nadel died at Butner Federal Correctional Complex in North Carolina. He was 80.