Welcome to Florida, Can I Interest You in a Shady Hedge Fund?
Hot of the heels of the Madoff scandal that rocked the world, and more directly West Palm Beach comes the Gulf Coast's version: the Art Nadel scandal.
Nadel lived the high life in sunny Sarasota, and managed six shady hedgefunds that apparently were worth as much as $350 million. 76-year-old Nadel is missing at the moment, possibly planning to commit suicide, and much of the worth of the hedge funds are also M.I.A. Details are sketchy, but some investors may have lost up to $700,000. Local nonprofits which had either invested with Nadel or relied on him for donations are also devastated. The local YMCA, for example, lost approximately 13% of its total assets. Authorities aren't crying "ponzi" just yet, but no one seems to know where the money went or, for that matter, where Nadel himself is.
[via The Herald Tribune]