The search is on for Arthur Nadel, a Florida money manager, as well as the millions of dollars he supposedly invested for clients.Â Nadel has been missing since Wednesday, and there are fears that his investors could be out as much as $350 million.
Nadel was president of Scoop Management Inc., a firm that managed six private investment funds.Â Â According to Reuters.com, Nadel and his wife were also prominent philanthropists and socialites in Sarasota, an upscale community south of Tampa, Florida.
The funds managed by Scoop included Viking IRA, Valhalla Investment Partners LP, Viking, Victory, Victory IRA and Scoop Real Estate.Â Viking IRA, Valhalla and Viking funds were managed by Nadel under contract with his partner and Valhalla founder Neil Moody.Â The other three were Nadel’s own funds.
According to The New York Times, Nadel was first reported missing by his family on Wednesday.Â He is said to have left a suicide note, and his family said he sounded “distraught”.Â But according to a report on Bloomberg.com, Nadel has since spoken by phone to his wife, reportedly from New Orleans.
After his disappearance made news in Florida, police there began fielding complaints from investors.Â According to The New York Times, atÂ least five investors have said their money has disappeared along with Nadel.Â A lieutenant with theÂ Sarasota police told the Times that “allegedly hundreds of millions of dollars” of investor money has gone missing.
The Times is also reporting that Nadel’s partner, Neil Moody, told investors in a statement that the funds managed by Nadel â€œmay have virtually no remaining value”.Â Moody apparently reported the situation to the Securities and Exchange Commission (SEC) and other authorities. The FBI and the SEC are now both involved in the Nadel investigation.
Nadel’s family is be cooperating with the investigation.Â â€œThe employees of Scoop Management, which includes Peg Nadel, the wife of Arthur Nadel, have just learned that they, along with many others who have invested money with Art, have been victimized by his unauthorized actions,â€ Nadelâ€™s family said in a statement.
News of the Nadel investigation comes just over a month after investment advisor Bernard MadoffÂ was arrested for allegedly defrauding clients- many of them in Florida- of billions of dollars.Â Â TheÂ FBI has said Madoff’s alleged Ponzi scheme may have cost his investors $50 billion.