Thu, Apr 25, 2024
A A A
Welcome Guest
Free Trial RSS pod
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
Article link
Previous Opalesque Exclusives                                  
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. KKR raises $6.4bn for the largest pan-Asia infrastructure fund[more]

    Laxman Pai, Opalesque Asia: The New York-based global investment firm KKR has raised a record $6.4bn for its second Asia-focused infrastructure fund, underlining investors' continued appetite for private markets. According to a media release from the alternative assets manager, the figure top

  2. Bucking the trend, top hedge fund makes plans for a second SPAC[more]

    From Institutional Investor: SPACs aren't dead. At least not to the folks at Cormorant Asset Management. The life sciences firm, whose hedge fund topped its peers in 2023, is confident it will match the success of its first blank-check company. Last week, the life sciences and biopharma speciali

  3. Benefit Street Partners closes fifth fund on $4.7 billion[more]

    Bailey McCann, Opalesque New York: Benefit Street Partners has closed its fifth flagship direct lending vehicle, BSP Debt Fund V, with $4.7 billion of investable capital across the strategy. Benefit Street invests primarily in privately originated, floating rate, senior secured loans. The fun

  4. 4 hedge fund themes that are working in 2024[more]

    From The Street: A poor earnings report from Tesla (TSLA) has not hurt the indexes on Thursday. The decline in Tesla stock, which is losing its position in the Magnificent Seven pantheon, is more than offset by strong earnings from IBM (IBM) and ServiceNow (NOW) . In addition, the much higher-t

  5. Opalesque Exclusive: A global macro fund eyes opportunities in bonds[more]

    Bailey McCann, Opalesque New York for New Managers: Munich-based ThirdYear Capital rebounded in 2023, following a tough year for global macro. The firm's flagship ART Global Macro strategy finished the year up 1

Click here for More about Opalesque Tracking
- A new, unique Premium Service -
  1. lmr
  2. deshaw
  3. "Wolverine" or "Trexquant" or "Pilgrim Partners" or "AlphaGrep" or "AlphaMine" or "SG Capital" or "Cedar Street"
  4. kedge
  5. "Point 72: OR "CFM" OR "Capital Fund Management" or "Capula" or "Nephila" or "Ellington" or "Woodline" or "Watermark"
  1. mortgage fund
  2. 1
  3. brevan
  4. millennium
  5. point72