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Missing money manager turns himself in

Arthur Nadel did not explain where he was. Arthur Nadel did not explain where he was.
Associated Press / January 28, 2009
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TAMPA, Fla. - A Florida hedge fund manager who disappeared this month, just as he was due to pay investors $50 million, turned himself in yesterday to face federal securities and wire fraud charges.

Arthur Nadel, 76, of Sarasota, surrendered in Tampa, the FBI said. Later, he was chained when he appeared in court. Attorney Barry Cohen said Nadel is not violent, has emotional problems, is not a flight risk, and should be released. A judge ordered him held at least until Friday.

Asked outside court where his client had been for two weeks, Cohen said, "He went away for a while just to be alone."

The Securities and Exchange Commission last week sued Nadel, alleging fraud. The SEC says he overstated the value of investments in six funds by about $300 million.

A criminal complaint unsealed yesterday in federal court in Manhattan alleges Nadel has been defrauding investors since 2004.

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