After the $50 billion or so “lost” by Bernard Madoff, we have a new hedge fund manager who seemed to have disappeared with upwards of $350 million of his clients’ money: Arthur Nadel (misspelled Arthur Nadele in some articles).  Nadel, a 76 year old Sarasota Floridian, is now under an FBI manhunt.  Like Madoff, Nadel was also a philanthropist, donating huge sums of money to not-for-profits.  He also seems to have helped not-for-profits “invest” their money in safe schemes with small but growing returns.

Nadel and his wife were part owners of Homefront Homes, a green homebuilding in the Sarasota area.  The couple were large contributors to the Sarasota Habitat for Humanity, who said they had not invested funds with Nadel’s investment schemes.  Other groups they contributed to were the Sarasota Opera and Jewish Family and Children’s Services.  Sarasota YMCA Foundation and the Sarasota Symphony were invested with Nadel, and some individuals reported losing up to $700,000 each as reported to Sarasota police and the FBI.  Some investors reported getting their November report for their investments, but never getting their December report.  

Nadel is the President Scoop Management Inc., which oversees funds including Valhalla Investment Partners LP,, and Viking IRA.  Nadel, like Madoff, was a Jewish hedge fund manager who was a prominent player in Sarasota’s Jewish social and philanthropic circles.  Supposely he left a suicide note for his family, then took off.  

Nadel’s clients were told their fund investments earned 8% in 2008, versus huge losses in the main market.  Nadel’s car was found Friday at the Sarasota-Bradenton International Airport after his wife reported him missing.

Related posts:

1. Harry Markopolos testifies to Congress: Madoff losses $15-$25 billion
2. Robert Powell from MarketWatch cries: worth reading
3. Who is Harry Markopoulos; why was he ignored re: Madoff?
4. Harry Markopolos / Markopoulos smells a stink from Madoff
5. Harry Markopolous / Markopolos Letter to the SEC 2005, against Madoff
6. Robert Jaffe re: Madoff: Don’t testify, just shut up
7. Congress to confiscate 401k’s and IRA’s? Good!
8. How to finance a war: War Bonds
9. Are the financial experts liars or just unaware?
10. Negative Interest Rate