Another $5 Million Distribution to Victims in Nadel Ponzi Scheme

Posted on April 25th, 2014 at 9:00 AM

From the Desk of Jim Eccleston at Eccleston Law Offices:

Investors who were deceived in the Sarasota-based hedge fund scam will receive another $5 million recovery, which would bring the total recovery to just over 44 percent of what investors lost in the scheme, and also would mark the fourth distribution of funds to Nadel investors over the past two years, totaling $58.2 million.

About 350 unsuspecting victims pumped millions of dollars into Nadel's six hedge funds, which appeared to have generated huge returns before the scheme imploded. The schemer Arthur Nadel and his partners Neil and Christopher Moody, a father and son team, had told investors their funds were worth $350 million, but they held only about $500,000 when the scheme collapsed.

Ponzi schemes in Florida stole at least $5 billion from unsuspecting investors, and Nadel's scheme ranks sixth in Florida.

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags:

Return to Archive

TESTIMONIALS

Previous
Next

You were most helpful with my FINRA deposition. You are a good lawyer and a good person.

Dan B.

LATEST NEWS AND ARTICLES

December 23, 2024
Understanding Alternative Investments and Risk Management

Alternative investments once again are gaining traction, according to a recent article in InvestmentNews

December 20, 2024
FINRA Sanctions Over 60 Advisors for Continuing Education Violations

FINRA has disciplined 62 advisors for cheating on New York’s continuing education (CE) requirements tied to insurance license renewals. 

December 19, 2024
GPB Capital Investors See Progress as Court Confirms Receivership

In a significant development for investors in GPB Capital Holdings, the private equity firm will move into receivership following a prolonged legal battle.