Florida Money Manager Sentenced to 14 Years in Prison

By: Associated Press
By: Associated Press

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
securities fraud.
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.)


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Comments are posted from viewers like you and do not always reflect the views of this station.
  • by Stewart Location: Tallahassee on Oct 22, 2010 at 12:48 PM
    Hmmm 10 million a year? Where do I sign up? He should have gotten life for stealing that much.
  • by Anonymous on Oct 22, 2010 at 12:16 PM
    He is sentenced to 14 years. If he dies during the tenth year, shouldn't he rot in prison for the remaining four years. Why should death allow him to have early release?
  • by Kathy Jones on Oct 22, 2010 at 11:16 AM
    It's very sad for people to believe they can get away with doing stupid stuff like stealing from others. It all comes out in the wash. God has his way of showing everyone how selfish and deviant a person really is.
  • by good by on Oct 22, 2010 at 04:38 AM
    I hope he gets a "nice" cellmate...
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