Daylife/Reuters Pictures
|
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.
17 bobbo. I have always thought passive income should be taxed at higher marginal rates, not lower.
No problem. And in fairness and exchange, as long as likewise the “passive” losses from all investors who would undertake the risks of creating the nation’s business and wealth are rebated.
RBG
#21–RBG==there is no “likewise” there. Investment income (capital gains) is already taxed. I’m just saying as it is passive there is justification to tax it at higher rates.
I don’t buy into your Regan propaganda that its income from investments that forge American business. Remember the other piece of Regun BS that its the small business man with 15-20 employees that is the jobs engine in the USA.
#16, Loser,
This is an issue of people expecting to make money for free without having to work for it. Very anti-Libertarian.
What regulation would have stopped this guy?
It is an example of people investing their money that was being regulated.
What regulation would have stopped this guy?
The regulations requiring that funds are audited by an independent auditor. Regulations requiring the fund keep accurate records. Regulations that each fund submit true copies of its deposits and investments. AND, most importantly, a little oversight.
#23, Poison Twin
This is an issue of people expecting to make money for free without having to work for it. Very anti-Libertarian.
It is an example of people investing their money that was being regulated.
Doesn’t look too regulated to me. And if the investors had done a little “work” instead of relying on the government, they would have found out this guy was full of shit.
What regulation would have stopped this guy?
The regulations requiring that funds are audited by an independent auditor. Regulations requiring the fund keep accurate records. Regulations that each fund submit true copies of its deposits and investments. AND, most importantly, a little oversight.
So what you are saying is that we need MORE regulations to enforce the regulations already on the books.
71,000 pages or regulations last year wasn’t enough for you?
This whole thing could have been avoided if the investors had simply pulled they heads out of their asses and did their own research.
I’m sorry, but I just have no sympathy for laziness nor do I feel it is the government’s job to help them out.
#13, Nobody Else,
Libertarians don’t hate regulation, we hate excessive spending and corruption. The goal is to find a good balance between good regulation and government spending/too much regulation and spending.
Libertarians only like regulations they agree with. Any other is a waste. If they don’t enjoy getting screwed, they want regulations. If anyone else is getting screwed, too bad.
The whole idea of having government regulation is WE ARE THE GOVERNMENT. Collectively we can do a better job of having an expert check food quality, catch criminals, build infrastructure, assess taxes, defend our borders, and make rules on how our society will operate.
No one has the expertise to survive every aspect of modern society. So we need experts in those fields to do the oversight for us.
#6 – Paddy-RAMBO
>>Truth. Precedence for this was found during
>>Clinton’s watch. Mr. Foster.
Tee hee, Paddy-RAMBO. Haw haw haw! I think it’s time for you to adjust your tin-foil hat. If you think Clinton’s knuckle-dragging thugs killed Vince Foster and then set it up to look like a suicide (which was verified as the cause of death by no fewer than THREE separate investigations), well. You’re even more gullible than I thought.
No wonder you’re a Repug.
#24 – Liberty Loser
>>So what you are saying is that we need MORE \
>>regulations to enforce the regulations
>>already on the books.
Of course. If it’s not a crime to flaunt the regulations, what’s the purpose of having them in the first place.
The Esteemed Mr. Fusion is correct. You Libertarians only want the regulations that protect YOU, other people can just go fuck themselves.
Most Libertarians I have known are the nastiest, most self-centered, ignorant pricks you can imagine. You haven’t done anything to disabuse me of that notion. The Libertarian “platform” sounds great in theory, but in practice it attracts right-wing, bigoted, intolerant fucks who just don’t want to be prevented from giving the shaft to other people.
#27, Mustard,
Most Libertarians I have known are …
You forgot selfish.
22 bobbo. And I’m saying that there is nothing “passive” about putting your money into a business and effectively taking on the risk of that business being successful. That has value. You gonna take on the risk? Then who? The Tooth Fairy?
You might have noticed more than a few people have not-so-passively lost their shirts. Instead you seem to believe investing is just constant and unfair martini time next to the pool. You might look again. Investors sweat just as much as the ditch digger.
As I say, if you’re going to take away from investors when they are successful, you’d better be prepared to put in when they are not.
RBG
#27, Poison Twin,
>>So what you are saying is that we need MORE \
>>regulations to enforce the regulations
>>already on the books.
Of course. If it’s not a crime to flaunt the regulations, what’s the purpose of having them in the first place.
I am not saying he should go free. He should be tried to the fullest extent of the law. More regulations aren’t going to stop what he did.
If you believe they will, please send me the check instead of the government. I’ll be sure it is put to good use.
Listen, he broke the law. That is evident or he wouldn’t be in hiding. What good would more regulations do? All it does is add another layer of bureaucracy to an already mangled system. He is going to jail because he got caught. His investors lost their ass because they were lazy.
You really want to protect rich, lazy bastards?
The Esteemed Mr. Fusion is correct. You Libertarians only want the regulations that protect YOU, other people can just go fuck themselves.
I don’t believe I’ve heard that before. Must be opinion.
Most Libertarians I have known are the nastiest, most self-centered, ignorant pricks you can imagine. You haven’t done anything to disabuse me of that notion. The Libertarian “platform” sounds great in theory, but in practice it attracts right-wing, bigoted, intolerant fucks who just don’t want to be prevented from giving the shaft to other people.
That is the way human beings are made. Those who are nice finish last. Period. Competition is what we are made of. We compete for jobs, we compete for women, we compete for prestige.
If you don’t, you are an evolutionary dead-end. I am glad to know my son won’t have to deal your offspring in the near future.
If you want to prove your altruism to me, go down and adopt 10 homeless people and put them in your house for the next year. Then I will STFU. That goes for any of you twisted, bleeding heart, failed coat-hangar abortions who think it is your job to look after those less fortunate than you by taking the money from people who DON’T think that way.
# 26 Mister Mustard said, “Tee hee, Paddy-RAMBO. Haw haw haw! I think it’s time for you to adjust your tin-foil hat”
I don’t really think that. I’m just mimicking the neolib tip foil hat wearing crowd.
The Esteemed Mr. Fusion is correct. You Libertarians only want the regulations that protect YOU, other people can just go fuck themselves.
I don’t believe I’ve heard that before. Must be opinion.
Well, you adequately demonstrated it with your last comment.
That goes for any of you twisted, bleeding heart, failed coat-hangar abortions who think it is your job to look after those less fortunate than you by taking the money from people who DON’T think that way.
So you want those that don’t think your way to just up and die. Opinion?
BUT, to clarify, it is SOCIETY’s responsibility. All of society. Not the parts we get to pick and chose. No one asked me if any of my hard earned tax dollars should pay for your inconsiderate use of the road leading to your house. No one asked me if we should have any fire protection for your area. No one asked me if the Defense Department should protect you from our enemies.
#30, Loser,
Listen, he broke the law. That is evident or he wouldn’t be in hiding. What good would more regulations do?
Good point. We don’t need MORE regulation and no one is calling for more. We needed oversight. That includes someone looking at the books. That includes an independent audit. That includes licensing.
Instead we got a Libertarian approach of “let them regulate themselves”. We can see why this didn’t work. It didn’t work with the Savings and Loan problem we had 20 years ago. It won’t work today.
Look for many more of these problems to appear soon enough.
#29–RBG==”Investors sweat just as much as the ditch digger.”
hahahahahahahahahahawhahawhawhaheeeehawha
Perfect.
#34, Bobbo,
The ones about to go to jail are sweating like ditch diggers.
#32,
The Esteemed Mr. Fusion is correct. You Libertarians only want the regulations that protect YOU, other people can just go fuck themselves.
I don’t believe I’ve heard that before. Must be opinion.
Well, you adequately demonstrated it with your last comment.
That goes for any of you twisted, bleeding heart, failed coat-hangar abortions who think it is your job to look after those less fortunate than you by taking the money from people who DON’T think that way.
Actually, I just mimicked your tone — the name calling, the curse words, etc. You aren’t the only one good at swearing. I’m ex-Navy. I can peel paint if I want to.
And, btw . . . you proved my point as well — you are competing for the prestige of winning an argument.
So you want those that don’t think your way to just up and die. Opinion?
Nope. I just want you to stop treating people like kids. Let them stand up for themselves. Let them fail on their own.
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?
Not the parts we get to pick and chose. No one asked me if any of my hard earned tax dollars should pay for your inconsiderate use of the road leading to your house. No one asked me if we should have any fire protection for your area. No one asked me if the Defense Department should protect you from our enemies.
Which has NOTHING to do with federal oversight of financial institutions.
#33, Poison Twin,
Listen, he broke the law. That is evident or he wouldn’t be in hiding. What good would more regulations do?
Good point. We don’t need MORE regulation and no one is calling for more. We needed oversight. That includes someone looking at the books. That includes an independent audit. That includes licensing.
What we need is to enforce the regulations on the books and FIRE the person who was responsible for this problem. Actually, he should be in jail right next to the fraudster.
And do you really think licensing is going to work? All you will create is an underground investment market worse than what we have now.
Instead we got a Libertarian approach of “let them regulate themselves”. We can see why this didn’t work. It didn’t work with the Savings and Loan problem we had 20 years ago. It won’t work today.
It would work if the goobermint would stop bailing out companies? The method you are referring to was Republicrat, not Libertarian.
Which current Poison-in-Chief voted for the bailouts and is planning more?
Look for many more of these problems to appear soon enough.
True enough. I’m stocked up on Tuna Fish. You?
#36, “However, it is NOT society’s right to violate someone else’s right.”
Don’t you know that people magically spawn new rights when they group up into mobs?
#38, Yep.
#38, Sl,
ha ha ha ha, great quip.