Florida hedge fund manager Arthur Nadel, aka the Wizard of Sarasota, bilked investors out of $162 million. His Ponzi scheme collapsed in January 2009 when some of the investors tried to retrieve their money. Nadel pleaded guilty to securities fraud in February 2010. But he didn’t give up easily. The then 77-year-old went on the lam for two weeks before he turned himself in. He was indicted on 15 counts including six counts of securities fraud, eight counts of wire fraud and one count of mail fraud.
[Bernie Madoff Fails To Forgive Himself]
Nadel was sentenced to 14 years in jail but served just two. (Not much after a lifetime of fraud.) On April 18, 2012, at the age of 79, Nadel died at the Butner Federal Correctional Complex in North Carolina, the same place where fellow fraudulent financier Bernie Madoff is serving his 150-year sentence. Madoff is 77. Nadel is featured in an episode of CNBC’s American Greed which will air on November 6 at 8pm.
