Wells Fargo, Wachovia Get Nadel Receiver Fraud Suit Pared

Law360, New York (August 3, 2012, 7:44 PM EDT) -- A Florida federal judge on Thursday tossed aiding and abetting claims from a suit accusing Wells Fargo Bank NA and Wachovia Bank NA of failing to catch the $168 million Ponzi scheme of imprisoned hedge fund manager Arthur G. Nadel.

U.S. District Judge James Whittemore said in an order that plaintiff Burton Wiand, the receiver of Nadel's estate, failed to show that Wells Fargo and Wachovia knew of Nadel's fraud, which was carried out in part by transferring investor-client funds to "shadow accounts" opened at the...
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Case Information

Case Title

Wiand et al v. Wells Fargo Bank, N.A. et al


Case Number

8:12-cv-00557

Court

Florida Middle

Nature of Suit

Securities/Commodities

Judge

James D. Whittemore

Date Filed

March 14, 2012

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