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Fund Manager Assets Frozen

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By ELAINE SILVESTRINI

esilvestrini@tampatrib.com

Published: February 3, 2009

TAMPA - Sarasota hedge fund manager Arthur Nadel has entered into an agreement with the Securities and Exchange Commission consenting to the freezing of his assets.

Nadel, 76, was jailed last week and is being held without bail on charges of securities and wire fraud.

He was sued Jan. 21 by the SEC, accused of deceiving investors, putting more than $1 million in secret bank accounts and disappearing for 13 days.

In a bail hearing Friday, Nadel's attorneys said his client wants to cooperate with the SEC in locating as much money as possible for investors.

The SEC notified the court Monday that Nadel had agreed to an order preventing him from violating securities laws, freezing his assets and requiring him to give an accounting of assets.

Nadel, who does not admit any guilt, also is required in the consent order to return to the United States all money and other investor assets described in the SEC's complaint for deposit with the court. He also agreed to surrender his passport and not obtain additional passports.

A hearing is set for Wednesday. It is unclear whether the consent order will affect that.

A federal judge also has signed a warrant to send Nadel to New York to face trial. It was not immediately clear when he would be moved.

Information from The Associated Press was used in this report.

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