Florida 'Mini-Madoff' Missing With $350M

Police searching for fund manager after clients complain of missing millions
By Rob Quinn,  Newser Staff
Posted Jan 17, 2009 7:48 AM CST
A Florida hedge fund manager has vanished and his clients fear that their investments, totalling $350 million, have disappeared with him.   (Shutterstock)
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(Newser) – A Florida hedge fund manager is missing along with hundreds of millions of dollars of his clients' money, the Sarasota Herald-Tribune reports. Art Nadel, 75, was reported missing Wednesday after his wife found a suicide note. Stunned investors have been told that Nadel's funds, thought to have totaled $350 million, are now nearly empty.

"We became aware of an extremely serious situation suggesting that the funds may have virtually no remaining value," the prominent philanthropist's business associate told investors. He said Nadel had taken care of all the fund trading. Investors had been told their investments earned more than 8% as of November despite the slumping stock market, but they became suspicious when they failed to receive their December statements.