SEC Goes After Missing Hedge Fund Manager

Law360, New York (January 21, 2009, 12:00 AM EST) -- A federal judge has frozen the assets of a missing hedge fund manager whom the U.S. Securities and Exchange Commission has accused of overstating the value of investments by about $300 million.

The SEC filed a civil action Wednesday accusing Arthur Nadel, 76, of fraud. In an order Wednesday, Judge Richard A. Lazzara granted the SEC's bid to freeze Nadel's assets and appointed a receiver in the case.

Nadel has been missing since Jan. 14. He recently transferred at least $1.25 million from two of the...
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