SEC, FBI on trail of vanished hedger

The mysterious disappearance of a Florida hedge fund manager five days ago has prompted the Federal Bureau of Investigation and the Securities and Exchange Commission to join the investigation, published reports said.
JAN 19, 2009
The mysterious disappearance of a Florida hedge fund manager five days ago has prompted the Federal Bureau of Investigation and the Securities and Exchange Commission to join the investigation, published reports said. The FBI and SEC are assisting Florida police in the search for Arthur Nadel, president of Sarasota, Fla.-based Scoop Management Inc., whose Jan. 14 disappearance has sparked complaints from investors fearful that the investment manager took off with their money. Investors in Scoop may have lost as much as $350 million in assets, authorities said. Neil Moody, the missing money manager’s business partner, said in published reports that Mr. Nadel has spoken to his wife since he was reported missing. Mr. Nadel’s car was spotted on Jan. 15 at the Sarasota-Bradenton International Airport. Sarasota County Sheriff’s Office spokesman Lt. Chuck Lesaltato said that the investigation was ongoing and that he could not comment on whether Mr. Nadel had left Florida or the United States. The FBI and SEC, both based in Washington, did not immediately return calls seeking comment.

Latest News

Merrill lands four advisor teams as May recruiting data shows firm's two-way churn
Merrill lands four advisor teams as May recruiting data shows firm's two-way churn

Merrill's latest hires span Colorado to Louisiana, even as industry-wide recruiting data suggests the firm is losing almost as many advisors as it gains.

Fund manager sues Kandeo, alleges $100 million FinSocial loss
Fund manager sues Kandeo, alleges $100 million FinSocial loss

The $36 million buy allegedly hid inflated books and a $50 million diversion.

Advisor gets $200,000 from Ameriprise in 'emotional distress' lawsuit
Advisor gets $200,000 from Ameriprise in 'emotional distress' lawsuit

“An award citing emotional distress is very unusual,” an industry executive said.

Workplace financial education linked to stronger financial habits, but participation remains low
Workplace financial education linked to stronger financial habits, but participation remains low

New EBRI research found workers who participated in employer financial education reported higher confidence, literacy and financial satisfaction.

The rise of the super advisor: How AI is redefining competitive advantage in wealth management
The rise of the super advisor: How AI is redefining competitive advantage in wealth management

Beyond operational excellence, the winning advisors of the future are the ones who can reach across multiple disciplines without discarding specialist skills.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income