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Tag: Arthur Nadel

  • EDITORIAL: Cancel Their Ponzi Ticket, Sen. Leahy

    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…

  • Bowdoin/Madoff Comparison: Is It Fair?

    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”…

  • Seniors In Gallery Of Ponzi Rogues; Grandpa Breaks Bad

    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…

  • Nadel Diverted Client Funds To Family: Feds

    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…

  • Bowdoin, Nadel Cases Have Striking Parallels

    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.…

  • Senior Citizens Dominate Ponzi Headlines

    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 . .…

  • BREAKING NEWS: SEC Charges Nadel With Fraud

    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,…

  • SEC Up To Its Ears In Ponzi Investigations

    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…