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Receiver seeking money from Nadel 'profiteers'

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By ELAINE SILVESTRINI | The Tampa Tribune

Published: April 17, 2009

TAMPA - Apparently, some people who invested with Sarasota hedge fund manager Arthur Nadel did better than others.

A court-appointed receiver is going after investors who received unjustified profits, trying to get them to pay the money back.

The receiver, Burton Wiand, said in a court filing that he has sent letters to 81 U.S. and three foreign "profiteers" who received "false profits," or returns greater than their investments with Nadel.

With the approval of the Securities and Exchange Commission, Wiand is offering to settle with those investors, offering to forego litigation if they repay 90 percent of their excess profits.

One of the investors, David Monte, accepted the offer, agreeing to repay $9,817, or 90 percent of $10,908 in excess profits, according to the court filing. Monte's location is not given.

Nadel, 76, has been charged with securities fraud and is incarcerated in New York on $5 million bail. He's accused

Reporter Elaine Silvestrini can be reached at (813) 259-7837.

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