Arthur Nadel

UPDATED 5:12 P.M. ET (U.S.A. JAN. 12) So, you want to mislead your clients about your role in your business, rely on the assertions of your business colleague and not perform thorough due diligence and double-check his claims that your investors are making enormous profits? Want to say later — after a Ponzi scheme collapses — [...]

EDITOR’S NOTE: There is a link at the bottom of this story to a report filed by Burton Wiand, the receiver in the Arthur Nadel Ponzi case in Sarasota, Fla. We encourage readers to read the document in its entirety. The Nadel case is not yet a year old. Nadel, who turned 77 today and [...]

Both state and federal prosecutors in Michigan have been attacking Ponzi schemers and affinity fraudsters. Yesterday the office of Michigan Attorney General Mike Cox charged three men with racketeering for their roles in an alleged time-share Ponzi scheme targeted at senior citizens.
In a separate Michigan case, federal prosecutors have announced the guilty plea of Richard [...]

As the FBI and IRS executed search warrants at the Florida office of attorney Scott Rothstein this morning amid allegations he ran a covert Ponzi scheme that could have drained as much as $500 million from investors, prosecutors up north were concentrating on arresting lawyers in a separate case involving insider trading on Wall Street.
U.S. [...]

A 68-year-old Texas woman has been charged with running a $500,000 Ponzi scheme.
Julia Ann Schmidt was indicted in Waco. She now joins a roster of other senior citizens recently implicated in alleged Ponzi schemes or convicted of crimes in which a Ponzi was the modus operandi.
Federal prosecutors said today that Schmidt posed as an agent [...]

UPDATED 1:33 P.M. EDT (U.S.A.) The failure yesterday of San Joaquin Bank in Bakersfield, Calif., brought the total of bank failures in the United States this year to 99.
With weeks remaining in the year, it is a virtual certainty that failures will top the 100 mark. Banks have been failing at an average rate of [...]

To many residents of Florida, Michael Riolo was their Bernard Madoff.
Riolo, 38, of Boca Raton, was sentenced to more than 24 years in prison (293 months) today for bilking investors in a $44 million Ponzi scheme. The scheme began in 1999 and collapsed in 2008.
“During these tough economic times, it is more important than [...]

Four more U.S. banks failed yesterday. Three failed on the previous Friday. Thirteen have failed year-to-date. To say this is unsettling is to grossly understate the severity of the banking problem and the drag on the U.S. and world economies.
Stories about Ponzi schemes and mortgage fraud are in the news daily. The obvious fear among [...]

Last night we received a note from a reader who had a bone to pick: He advised us, seemingly politely, that ASD was not an “autosurf.”  Rather, he said, it was a “manual surf.”
There was a whiff of passive-aggressiveness in the note: He informed us that he did not desire to “address your blog” with [...]

We noted Sunday that a startling number of senior citizens have been implicated in Ponzi schemes or accused of monumental financial misdeeds. Featured in this graphic are (left to right): Andy Bowdoin, president of fundamentally defunct AdSurfDaily Inc. of Quincy, Fla.; Bernard Madoff, head man at fundamentally defunct Bernard L. Madoff Investment Securities of New [...]

Florida hedge-fund manager Arthur Nadel turned himself in yesterday to the FBI in Tampa.
Nadel had gone missing Jan. 14. He was immediately jailed. A bail hearing is set Friday.
Previously we’ve written about some of the Nadel parallels to the AdSurfDaily Ponzi scheme case. Some of the parallels grew even more striking yesterday, with assertions by [...]

Some of the parallels between the alleged AdSurfDaily Ponzi scheme and the alleged financial misdeeds of Florida hedge-fund manager Arthur Nadel are striking.
Two obvious parallels are the common Florida venue and the ages of the principals. ASD operated out of Quincy; Nadel out of Sarasota. ASD President Andy Bowdoin is 74; Nadel is 76.
Beyond the [...]

BLOG UPDATE 10:02 P.M. EST (U.S.A.): This post has been updated with information on Ronald Keith Owens, 73, who was just sentenced to 60 years in prison for running a “prime bank” Ponzi scheme promising huge returns out of the Bahamas. See update at bottom of post.
Here, directly below, our earlier post . . .
Noticed [...]

Breaking News 2:24 p.m. EST (U.S.A.). The Securities & Exchange Commission has just accused missing fund manager Arthur Nadel of fraud.
“Nadel provided false and misleading information for dissemination to investors about the Funds’ historical returns and falsely overstated the value of investments in the Funds by approximately $300 million,” the SEC said. “In contrast, the [...]

The Securities & Exchange Commission has charged CRE Capital Corp. with running a Ponzi scheme that sucked millions of dollars from investors.
Meanwhile, a hedge-fund operator in Florida has gone missing — along with $350 million in clients’ money. Although the Florida case is brand new and the SEC hasn’t announced a probe, it almost certainly [...]