country_cowboy1966
01-27-2009, 02:26 PM
A missing hedge fund manager who owes millions and is believed to have staged his own death turned himself in Tuesday to the FBI, law enforcement officials told FOX News.
Arthur G. Nadel, who disappeared Jan. 14, was placed under arrest at the Tampa field office in Florida and was awaiting an appearance in federal court.
Nadel's Sarasota, Fla.-based firm Valhalla Management is under investigation for investment and asset theft.
Nadel allegedly owes investors in his funds a $50 million payout, which he was due to give them before he disappeared.
Federal regulators have charged Nadel with fraud, saying he misled investors and overstated the value of investments in the six funds by about $300 million.
Nadel turned himself in to Tampa agents at 9:45 a.m. Tuesday, accompanied by two attorneys, FBI Special Agent David Couvertier told FOX News. He was turned over to the U.S. Marshals facility in Tampa and was awaiting a court appearance there later Tuesday.
He will ultimately be prosecuted in New York, law enforcement officials said.
The Florida financier has been compared to a small-scale Bernard Madoff — the former NASDAQ chief and hedge fund manager who is under house arrest for orchestrating a far-reaching, $50 billion Ponzi scheme that hurt scores of investors.
The Sarasota County Sheriff's Office said Nadel planned his disappearance.
Nadel was reported missing by his wife on Jan. 14. He left a note for her telling her he felt guilty about mismanaging people's money and threatening to kill himself, according to a sheriff's report released last week.
The 76-year-old financier told his wife he was going to his office, but he wasn't there when she arrived about two hours later.
Nadel called and said he'd left something for her in a desk drawer at their ranch house in Sarasota. That's where she found a suicide note, according to the sheriff's report. In it, Nadel told his wife how much he loved her. He also said he felt guilty about losing clients' money.
"The subject wrote that as a result of his management of other people's money that there are those that would like to kill him," the sheriff's report states, "but that he will do it himself."
His car vanished with him, but was later found at a Sarasota airport.
Pepper spray manufacturer Mace Security International claims Nadel owes them $2.2 million. The company said in a release last Tuesday that they'd been informed the deposits could not be located, and that documents Nadel had provided were not authentic.
Arthur G. Nadel, who disappeared Jan. 14, was placed under arrest at the Tampa field office in Florida and was awaiting an appearance in federal court.
Nadel's Sarasota, Fla.-based firm Valhalla Management is under investigation for investment and asset theft.
Nadel allegedly owes investors in his funds a $50 million payout, which he was due to give them before he disappeared.
Federal regulators have charged Nadel with fraud, saying he misled investors and overstated the value of investments in the six funds by about $300 million.
Nadel turned himself in to Tampa agents at 9:45 a.m. Tuesday, accompanied by two attorneys, FBI Special Agent David Couvertier told FOX News. He was turned over to the U.S. Marshals facility in Tampa and was awaiting a court appearance there later Tuesday.
He will ultimately be prosecuted in New York, law enforcement officials said.
The Florida financier has been compared to a small-scale Bernard Madoff — the former NASDAQ chief and hedge fund manager who is under house arrest for orchestrating a far-reaching, $50 billion Ponzi scheme that hurt scores of investors.
The Sarasota County Sheriff's Office said Nadel planned his disappearance.
Nadel was reported missing by his wife on Jan. 14. He left a note for her telling her he felt guilty about mismanaging people's money and threatening to kill himself, according to a sheriff's report released last week.
The 76-year-old financier told his wife he was going to his office, but he wasn't there when she arrived about two hours later.
Nadel called and said he'd left something for her in a desk drawer at their ranch house in Sarasota. That's where she found a suicide note, according to the sheriff's report. In it, Nadel told his wife how much he loved her. He also said he felt guilty about losing clients' money.
"The subject wrote that as a result of his management of other people's money that there are those that would like to kill him," the sheriff's report states, "but that he will do it himself."
His car vanished with him, but was later found at a Sarasota airport.
Pepper spray manufacturer Mace Security International claims Nadel owes them $2.2 million. The company said in a release last Tuesday that they'd been informed the deposits could not be located, and that documents Nadel had provided were not authentic.