New York, NY (AP) - A Florida hedge fund manager who worried he'd be
labeled a "mini-Madoff" after cheating investors of $168 million
has been sentenced to 14 years in prison after pleading guilty to
Federal Judge John Koeltl in New York sentenced 77-year-old
Arthur Nadel on Thursday. Earlier this year, he apologized for his
conduct as he pleaded guilty.
Nadel has remained in a federal jail since his arrest in early
2009. The Sarasota, Fla., man went on a two-week, cross-country
trip before he surrendered. Prosecutors say hundreds of clients had
invested nearly $400 million with him.
Nadel once compared himself to Ponzi king Bernard Madoff, who is
serving a 150-year sentence for cheating thousands of investors out
of billions of dollars.
(Copyright 2010 by The Associated Press. All Rights Reserved.)