A Florida hedge fund manager sentenced to 14 years in prison
after cheating investors of $168 million has died, according to the AP.
Bureau of Prisons spokeswoman Traci Billingsley said Tuesday
that Arthur Nadel died at the federal prison in Butner. He was 80. Billingsley had no other details.
Nadel pleaded guilty in 2010 to securities fraud and was
sentenced by a federal judge in New York. Prosecutors said 390 clients had
invested nearly $400 million with him. Nadel went on a two-week, cross-country
trip before he surrendered and worried he would be dubbed a
"mini-Madoff," a reference to Ponzi king Bernard Madoff. At his attorney's request, Nadel was sent to
the same prison where Madoff is serving a 150-year sentence for cheating
thousands of investors out of billions of dollars. Madoff pleaded guilty to
fraud charges in 2009....
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