Ex-Hedge Fund Head Cops To $162M Ponzi Scheme

Law360, New York (February 24, 2010, 4:45 PM EST) -- Former hedge fund manager Arthur G. Nadel has pled guilty to 15 counts of fraud in connection with a decade-long Ponzi scheme that cost investors about $162 million, prosecutors said.

The U.S. Attorney's Office for the Southern District of New York said Nadel, 77, pled guilty Wednesday to six counts of securities fraud, one count of mail fraud and eight counts of wire fraud.

He faces up to 20 years in prison on each count at his June 11 sentencing, prosecutors said. His plea calls for...
To view the full article, register now.