From Precy Dumlao, Opalesque Asia – Tampa, Florida lawyer Burton Wiand, the court-appointed receiver of Arthur Nadel’s $168m Ponzi scam lost his case against Wells Fargo which he accused of helping Nadel with his illegal scheme.
According to a report by the Business Journal, a Tampa federal judge on Tuesday quashed Wiand’s multi-million lawsuit against the nation’s fourth largest bank.
Nadel was sentenced to 14 years imprisonment after pleading guilty to defrauding investors. The Securities Exchange and Commission closed down his hedge fund operations in 2009.
The 80-year-old Nadel died in federal prison last April. His death was confirmed by Butner Bureau of Prisons’ spokeswoman Traci Billingsley.
In February this year, Wiand sued Wells Fargo and accused it of having played an "essential" role in the fraud by allowing Nadel to siphon funds into shadow bank accounts.
Wiand tapped Terry Smiljanich, partner at James Hoyer Newcomer & Smiljanich in Tampa, to represent him and the receivership in matters related to Wells Fargo.......................