Accused Fraudster Art Nadel: Overseas Already?

Sometimes we wonder why Bernie Madoff didn’t just book a flight overseas, and then admit to the Ponzi. Our best theory is that up until the very end, he thought he might be able to meet redemptions, and that by the end he was too overwhelmed and bewildered to plan an escape.

It seems Art Nadel, the accused Ponzi down in Florida, may already be in Namibia (or Switzerland or Israel or Paraguay)

Sarasota Herald-Tribune: Nadel reportedly has not been seen since Wednesday, the day before other fund managers admitted to customers that their money, totaling some $350 million, was gone.

The Sarasota County Sheriff’s Office confirmed that Nadel’s light green Subaru was found Thursday afternoon at Sarasota-Bradenton International Airport. Deputies searched the car before releasing it to the family.

Nadel, 75, a well-known figure in Sarasota’s social and charity worlds, appears to be the key to learning how the hedge funds he oversaw were wiped out.

Law enforcement officials say their priority is finding Nadel and returning him to Sarasota. The FBI has been brought in to assist the investigation.

Sources close to the investigation say Nadel has left the state. Some of the missing money may have been moved overseas, they added.

(via Dealbook)

See Also:
Another Money Manager Goes On The Lam

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