Fund Manager Gone And Possibly $350 Million With Him

[Purveyor]

Source: Sarasota Herald-Tribune

Investors in a Sarasota-based hedge fund could be out $350 million, and the man behind it has vanished.

Managers of the fund are telling clients that their money is gone, and they do not know if any will be recovered.

Fund principal Arthur G. Nadel, a prominent player in Sarasota social and philanthropic circles, disappeared this week. His wife, Peg, filed a missing person report with law enforcement after finding a suicide note.

Investors — from individuals to the Sarasota YMCA Foundation — in the funds branded Viking, Valhalla and Scoop were stunned this week to learn they may be victims in what could become the largest investment swindle in Southwest Florida history.

Despite the carnage on Wall Street last year, investors had been told their investments earned more than 8 percent as of November.

Read more: http://www.heraldtribune.com/article/20090116/BREAKING/901160241/2055/NEWS?Title=Fund_manager_gone_and_possibly__350_million_with_him

[havocmom]

1. The may be employment opportunities opening up in field of bounty hunting

Lots of scoundrels going missing all the sudden.

[depakid]

2. I hear "Dog" and his wife need a new gig...

Might be a good idea for them to stay out of Mexico, though....

[Hawkeye-X]

5. Can't stand Dog or Beth..

And they're from my native state of Colorado.

[depakid]

13. They sure stepped in it...

and I'm not talking about the Mexico deal or the time in Texas Dept. of Corrections....

[Neshanic]

15. If she stood on the border, a large part of her would be over the border.

[CoffeeCat]

32. If she stood on the beach...

She could provide shade for the Osmond family.

[KoKo]

10. It's dreadful to admit...you may be correct.

When the Law doesn't work ....what are people to do...:-(

[Orrex]

3. I bet they'll find him pretty quickly

I mean, how far can you get on $350M these days?

[The Backlash Cometh]

4. Isn't Sarasota in ... wait for it ...

F L O R I D A!

President Obama, have mercy on us and send us a special investigator!

[jazzjunkysue]

14. Can we sell florida to mexico?

Then we could blame mexico for all the wierdness.....

[The Backlash Cometh]

25. I don't think we should piss them off.

Mexicans are the only ones finding work around here.

[undeterred]

6. He's meeting up with Ken Lay.

[salin]

7. Isn't a climate of minimal regulation/oversight great ....

yet the rw talking heads still keep telling us that tax cuts for the really rich, and for corporations - and cutting out even more regulations is the key to improving the economy.

[KoKo]

11. Ohhh...you mean that "Free Market Capitalism" that "St. Ronnie" is exhaulted as a Saint for?

Yeah...I guess that works real well. :eyes:

[tclambert]

8. Finally, a criminal who gets it right.

Steal the money and disappear with it before the Feds come a-knockin'.

The guy who crashed his plane after bailing out almost got it right. If only he'd set the plane's course for out over the ocean, they might not have suspected he faked his own death.

And Madoff confessing to running a Ponzi scheme. How can these guys be so good at swindling and so terrible at the other aspects of the criminal life?

[KoKo]

12. And...Madoff who "broke his bail" by mailing out jewelry...still lives like a king in

his millions of dollars apartment dining on exquisite "take out food" while his wife is free to come and got from Saks and Barney's. Yeah... One rule for the rich and the other for the person who steals a loaf of bread or is caught with a bag of weed on him. It's state prison for them...but luxury for Bernie.

[crikkett]

24. He suffers more comfortably, but I assure you he suffers.

That's about all you're going to get.

[rucky]

22. He also used his real name.

You'd figure that someone who can swindle cash could get a new identity.

[crikkett]

23. No no no, you missed the best part of that bailout story

he left his DOOR OPEN after making his distress call and jumping.

Fighters were scrambled to help the plane and they saw the open door.

[Thor_MN]

28. How was he supposed to close it?

Do a Google image search for a Piper Malibu. Find one with an open door. Unless you automated the door opening/closing via powered remote, there's no way to exit that plane in flight while closing the door behind you.

His mistake was not programming the autopilot to take the plane over water/bailing out too far north in Alabama to ensure the plane made it to the Gulf. Also being too much of a wuss to hoof it to his stashed get-away vehicle. Calling the police to get a ride? WTF?!?!

[crikkett]

33. he was found out before he hit the ground, b/c of the door

and so it didn't matter where he pointed the plane or what mistakes he made once he landed.

[Thor_MN]

36. And I reiterate, how was he supposed to close it?

Actually he was certainly on the ground long before the jets got to the plane. The plane flew 3/4ths the length of Alabama before crashing in Florida.

If he had done it right, the jets never would have had a chance to get to the plane. The door was irrelevant because he had no way to close it. His first mistake (in his getaway) was in choice of bailout location, allowing jets to scramble and rendezvous with the empty plane and it crashing on land.

[crikkett]

37. He couldn't which is my point. I'm trying to get you to see

that any mistake before or after didn't matter, because he was found out when fighter pilots sent to rescue him saw his open door.

Jiminy Cricket!

[Thor_MN]

39. And I trying to make you see that since he couldn't close the door, that could not be the mistake.

You can not screw up something you can not affect. He couldn't get out of the plane without opening the door, and he couldn't close the door after exiting the plane. So it was an absolute requirement that the door be open after he left the plane, therefore it could not be a mistake.

You make a mistake by not planning for the things that you can not affect. Had he exited closer to the coast and ensured that the plane go down fairly quickly over water, he might have gotten away with it.

Your first post stated that he left his DOOR OPEN and that it was the best part of that bailout story. I submit he had no choice but to leave the door open, so his mistake was his stupidity in bailing so far from the coast and leaving the plane in stable flight.

An analogy would be saying that a criminal's prime mistake was that his fingers had oils and distinctive ridges which leave prints. I'm saying the mistake was in not wearing gloves. You can't affect the fact that you have fingerprints, but you can mitigate that flaw by proper planning to wear gloves.

[crikkett]

40. OK fine. If I were into one-upsmanship I'd say

his very very first mistake was thinking it was OK to steal money.

But I'll concede your point:

I submit he had no choice but to leave the door open, so his mistake was his stupidity in bailing so far from the coast and leaving the plane in stable flight.

[Thor_MN]

42. Most definately, his first mistake was stealing from others.

Good thing most criminals are as stupid as this guy. Personally, if I had to fake my death, it would involve my car and SCUBA gear, but they would find all the equipment that I currently own in my garage.

[dysfunctional press]

27. i think that he was trying for it to go out over the gulf...

whatta dumbshit.

[FloridaJudy]

9. Meanwhile, the kid who stole two brownies

Is being led off in handcuffs.

[Politicalboi]

16. Could be worse

They could shoot him.

[FloridaJudy]

17. Yes.

Considering we seemed to have turned the justice system over to Inspector Javert of late, I guess the kid's lucky.

[Hannah Bell]

21. & the 8-year-old who threw a fit when her teachers took her special hoodie

got arrested & cuffed.

what a world, eh?

the big crooks walk & little girls get jail.

& some "democrats" even cheer the cops.

[KansDem]

30. Or the teen being strip-searched...

...because she was suspected of having ibuprofen.

edited for clarity.

[KakistocracyHater]

18. you'd think the RICH would use the full force of

the law to get him &/or the money, they CAN but will they?

[mackerel]

19. How many more will we hear about in the months to come?

[KakistocracyHater]

20. more cut & run hedge fund managers?

I noticed them because of their astronomical pay & their refusal to pay taxes, those good times-if taxed-would have given a small cushion to this fall, alas...
FDR did go after them, into their homes, their cars, their back accounts & rightfully reposessed their loot. If played smart this could be not only a historic moment but a moment of legendary proportions. Do what FDR did, make Trust Slugs HATE you, Obama!

[SOS]

31. Many

The US financial system has devolved into one giant Enron-style scam.
Trillions have been stolen by Wall Street hoodlums from investors all over the world.

This catastrophe is just beginning and will last for many years.

[Dr.Phool]

26. My wife has a small 401k from Sarasota YMCA.

I don't know if it was in these funds or not.

Sarasota YMCA had the privatized contract for foster care services in several counties. My wife worked there for a while, until they lost the contract, and she went with the new agency.

We left the money there, because it always seemed to be performing well.

[sarcasmo]

29. There has been a rash of these lately, money under the matress keeps making more sense.

[ChairmanAgnostic]

34. anyone keeping count on how many of these thieves have run recently?

[UpInArms]

35. Related: Missing money manager believed alive: associate

http://www.reuters.com/article/topNews/idUSTRE50G0JZ20090118?sp=true

MIAMI (Reuters) - A missing Florida money manager is believed to be alive, his business associate said on Saturday as police investigated the possible disappearance of hundreds of millions of dollars from investment funds.

The family of Arthur Nadel, 75, a Sarasota, Florida, philanthropist and president of Scoop Management, Inc., reported him missing on Wednesday.

He left a note for his family that was characterized by a local newspaper as a suicide note. Police would not disclose its contents but said his family believed he was "distraught" at the time of his disappearance.

On Friday, Sarasota police launched an investigation, saying they had received complaints that "hundreds of millions of dollars" may have vanished from the funds Nadel managed.

Neil Moody, a Nadel business associate and the founder of a fund family that invested with Scoop, said Nadel has been in contact with Nadel's wife. He said he believed Nadel was still alive.

...more...

[PassingFair]

38. I hope all this shit signals an end to the "investor class".

Time for people to work again.

Time to invest in MANUFACTURING.

Time to invest in the USA.

[sofa king]

41. Well there's one big difference between the last depression and this one.

Back then, when it all went to hell they killed themselves.

Now, they fake their own deaths and try to get away with the loot.