Jailed Hedge Fund Manager Can't Make $5 million bail

[marmar]

I know, I know.....:nopity:


AP via HuffPost:




Arthur Nadel, Jailed Hedge Fund Manager, Can't Make $5 Million Bail
LARRY NEUMEISTER | February 25, 2009 06:59 PM EST |


NEW YORK — A Florida hedge fund manager who disappeared for two weeks as investigators closed in on him can be freed on $5 million bail after being accused of ripping off investors of as much as $350 million, a judge said Wednesday.

U.S. District Court Judge Denise Cote rejected a prosecutor's arguments that no release conditions could ensure that Arthur Nadel would not flee.

Defense lawyer Todd Foster, however, said Nadel does not have the $1 million in cash that Cote requires, so Nadel likely will remain behind bars unless the bail requirements are reduced.

The judge also said four financially secure people must sign Nadel's bond before he can go home, where he would be subject to electronic monitoring.

Foster said Nadel's friends are "very, very afraid to come and assist Mr. Nadel" because of bad publicity and inaccuracies they have heard about the case.

Assistant U.S. Attorney Maria Douvas said Nadel might have the financial ability to flee since the government could not locate more than $30 million of the money Nadel was believed to have pocketed from the fraud. ........(more)

The complete piece is at: http://www.huffingtonpost.com/2009/02/25/arthur-nadel-jailed-hedge_n_170032.html

[Last Stand]

1. When are they gonna really go after the offshore accounts these guys have stocked for years?

Seriously. There's a billion metric tons of loot missing. For everyone who lost a buck, there's someone who made one.

[Canuckistanian]

2. Sucks to be him

Sucks even worse to be one of his victims. He's had his fun. Time to pay up.

[ellie]

3. Big fat bummer!

[hatrack]

4. Sucks to be you, Master of the Holding Cell

:rofl: