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Federal regulators on Wednesday charged a missing hedge fund manager with fraud, saying he misled investors and overstated the value of investments in the six funds by about $300 million.
The Securities and Exchange Commission won a court order freezing the assets of Arthur G. Nadel, of Sarasota, Fla., and other defendants in the case.
Nadel owed investors a $50 million payout, told his wife in a note he felt guilty and threatened to kill himself, according to the Sarasota County Sheriff’s Office. The authorities believe that Nadel, 76, planned his Jan. 14 disappearance.
In a lawsuit filed in federal court in Tampa, the SEC said Nadel recently transferred at least $1.25 million from two of the funds to secret bank accounts that he controlled…
The SEC said Nadel’s funds currently appear to have assets totaling less than $1 million — while he claimed in sales materials for three of the funds that they had about $342 million in assets as of Nov. 30. The materials also boasted of monthly returns of 11 to 12 percent for several of the funds last year, when they actually had negative results.
The SEC has been doing it’s usual “praiseworthy” job of oversight. Looks like their prime activity has been drawing their salaries.
#36 – Liberty Loser
>>I can peel paint if I want to.
Reliable sources say that you’re what we used to refer to when I was a kid as a “candy ass”.
#41, Poison,
Funny. No, Seriously. The combination of intellectual and not. I’m writing that one down.
#36, Loser,
BUT, to clarify, it is SOCIETY’s responsibility. All of society.
You are correct. However, it is NOT society’s right to violate someone else’s right. Society should volunteer to help — not force the help.
For instance — how many homeless people have you loaned your house out to recently?
I thought the subject was about some unregulated jerk that stole money?
What you forget, or ignore, is the founding principle of this country. Go to the library And look up The Declaration of Independence. The opening line, We The People … Well, we the people decided that we will regulate banks, money changers, and investment managers. Among others. From that guiding light that started this nation we will continue to stop, through laws and policing to stop those who would prey on us and make this a weaker society. America, love it or leave it. Try the Antarctic.
#43,
I thought the subject was about some unregulated jerk that stole money?
Nope. It was about the failure the goobermint to enforce the regulations currently on the books that allowed a fraudster to easily separate fools from their money.
Re: DOI
The Declaration Of Independence is not the Law of Land.
The Constitution is.
And the writings set forth in that document are slowing being chipped away with each new regulation, SCOTUS misinterpretation, and government bureaucracy.
Mob Rule is Not Law Rule.