Nadel Receiver Nets Settlements With 7 Defendants

Law360, New York (November 10, 2010, 6:20 PM EST) -- The receiver in Arthur Nadel's Scoop Management Ponzi scheme has reached settlements with several defendants as he seeks to recoup $71 million in alleged false profits on behalf of the scheme's victims.

Judge Richard A. Lazzara of the U.S. District Court for the Middle District of Florida approved seven settlements Tuesday, totaling roughly $520,000.

In January, U.S. Securities and Exchange Commission-appointed Burton Wiand filed 134 lawsuits seeking more than $71 million in the recovery of false profits from investors and other entities who profited from Nadel's...
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