Another $5 Million Distribution to Victims in Nadel Ponzi Scheme
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.
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