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Sarasota fund manager who went on run indicted
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Published: April 28, 2009
NEW YORK - A grand jury has indicted a Florida hedge fund manager who disappeared for two weeks before surrendering to face criminal charges.
The grand jury in U.S. District Court in Manhattan on Tuesday brought securities, mail and wire fraud charges that accused Arthur Nadel of a 10-year fraud.
The government says the 76-year-old Sarasota man enlisted more than 350 clients to invest more than $360 million with six funds.The charges carry a potential penalty of 280 years in prison.
Nadel remains jailed, unable to put up his $5 million bail. His attorney did not return a call.
Authorities say Nadel disappeared on a two-week jaunt across the country before turning himself in on Jan. 27.
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