Thu, Oct 8, 2015
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Receiver in Nadel Ponzi scheme loses case against Wells Fargo

Wednesday, April 10, 2013

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.......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Investing - AQR Capital and Renaissance Technologies raise stakes in Southwest Airlines[more]

    From In the previous part of this series, we saw how institutional investors played Southwest Airlines (LUV) in 2Q15. Now let’s move on to the trades executed by key hedge funds in Southwest Airlines over the same period. … Most of the hedge funds that had significant exposu

  2. Manager Profile - Pimco alternative funds flourish as 30-year bond rally fades[more]

    From Inside Pacific Investment Management Co., the bond behemoth that lost two chief investment officers last year and saw almost $500 billion of client money leave, a hidden profit engine is easing some of the pain. For more than a decade, Newport Beach, California-based Pimco has qu

  3. Niche Investing - Art investment funds: Attracting institutional and other new investors[more]

    From The Deloitte/ArtTactic Art and Finance Report 2014 (the "Art and Finance Report") noted that the "global art investment fund market was estimated to be worth at least $1.26 billion in the first half of 2014." This seems almost inconsequential when juxtaposed with the $54 billion of

  4. Hedge fund Barnegat survives September’s market selloff[more]

    Komfie Manalo, Opalesque Asia: Bob Treue’s $679 million Barnegat Fund proved resilient after another month of market letdown as the hedge fund gained 2.2% last month, bringing its year-to-date gains to 2.8%. Treue said in his monthly report to i

  5. …And Finally - Japanese men want upgrade on their virtual girlfriends[more]

    From Five years after News of the Weird mentioned it, Japan's Love Plus virtual-girlfriend app is more popular than ever, serving a growing segment of the country's lonely males -- those beyond peak marital years and resigned to artificial "relationships." Love Plus models (Rinko