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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

(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.

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A Florida hedge fund manager has vanished and his clients fear that their investments, totalling $350 million, have disappeared with him. (Shutterstock)

At least five investors have complained to police that their money has vanished from funds managed by missing Florida philanthropist Art Nadel. (Shutterstock)

Condos highlight the waterfront in Sarasota, Fla. (Shutterstock)

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It was brought to our attention that there has been a very significant number of victims with a very significant amount of money that has disappeared. Allegedly it's hundreds of millions of dollars. - Sarasota Police Capt. Bill Spitler

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Florida 'Mini-Madoff' Missing With $350M