New York (HedgeCo.Net) – Arthur Nadel, the 76-year-old Sarasota resident who was accused of disappearing with $350 million of investor funds, has been granted a 30-day continuance by a federal judge in New York yesterday.
Prosecutors will have until April 29 to either get a guilty plea from the man accused of running the “mini-Madoff” Ponzi scheme, or to get an indictment.
Unable to pay his mounting legal fees with his assets frozen, the continuance will allow Nadel to find new representation while allowing the new legal team to “review certain pre-indictment discovery.”
Nadel was arrested in January after turning himself in at an FBI field office in Tampa. He faces charges of securities and wire fraud after using his six hedge funds to bilk investors out of millions since 2003.
Julie Scuderi
Senior Editor for HedgeCo.Net
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