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Federal Judge Denies Delay Of Nadel's Transfer

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By ELAINE SILVESTRINI | The Tampa Tribune

Published: February 6, 2009

Updated: 02/06/2009 01:07 pm

TAMPA - A federal judge has refused to delay the transfer of Sarasota hedge fund manager Arthur Nadel to New York, where he faces federal charges of wire and securities fraud.

Attorneys for Nadel, 76, filed a petition asking to keep Nadel in Florida so they can consult with him in their efforts to seek a review of a ruling that he be held without bail.

The defense asked that Nadel's transfer be delayed until a New York judge can rule on its planned motion for a bail review.

U.S. Magistrate Mark Pizzo ruled Jan. 30 that Nadel should not be granted bail, in part, because of his access to millions of dollars and because Nadel had not provided sufficient explanation for where he went during 13 days that he was missing before he turned himself in to the FBI.

Nadel's case is being prosecuted out of the Southern District of New York, and Pizzo ordered that Nadel be transferred there.

But Nadel's attorneys late Thursday filed an emergency motion to postpone his transfer to give them time to gather information for a petition to a New York judge. The petition would appeal Pizzo's bail ruling.

Without comment, Pizzo today denied the defense motion's request for a delay.

"The court correctly observed …that Mr. Nadel was 76 years old and in declining health," the defense motion states. "If he is transported to New York by the United States Marshal, the well known rigors of such transportation may prove excessive for him and may result in severe and permanent injury. If, on the other hand, the Southern District of New York should grant this petition for review and conditionally release Nadel, he will be able to travel to that district with much less risk to his physical condition."

Note: An earlier version of this story incorrectly said the judge had granted the motion to delay Nadel's transfer.

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