Florida hedge fund manager - New York court issues warrant

2009-02-02 23:59:23 (GMT) (JusticeNewsFlash.com - Headline, Justice News Flash)

Florida fund manager traps hundreds of millions in securities fraud case

U.S. Court in New York demands jailed Florida hedge fund manger to face charges.

West Palm Beach, FL (JusticeNewsFlash.com)–Reuters reported today, Arthur Nadel, the Sarasota, Florida hedge fund manager jailed last week on a possible multi-million dollar investor fraud allegation is to be extradited to New York. Nadel, an investment adviser based in Sarasota, managed six hedge funds. He disappeared on January 14 amidst allegations he may have bilked hundreds of millions investors’ money from six different hedge funds. JusticeNewsFlash.com previously reported he surrendered to the FBI last week and was held in a Tampa Bay jail after being denied bail by the judge at his arraignment.

United States District Court Magistrate Mark Pizzo signed a warrant on Monday, in New York, forcing Nadel to be transported to New York to face securities fraud and wire fraud charges. The court documents allege Nadel stole millions of dollars from investors. According to U.S. investigators, Nadel told his investors the hedge funds held over $300 million. The funds actually have less than $1 million increasing the long list of investment fraud, securities fraud and Ponzi scheme cases across the country. This recent news continues to add to the financial devastation of Americans in the past few months.

Legal news for West Palm Beach securities fraud lawyers.