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N.Y. Judge Sets $5 Million Bail For Sarasota Hedge Fund Manager

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The Associated Press

Published: February 25, 2009

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Arthur G. Nadel

NEW YORK - A New York judge has set bail at $5 million for a Sarasota hedge fund manager accused of ripping off as much as $350 million from investors.

U.S. District Court Judge Denise Cote set the bail for Arthur Nadel on Wednesday.

However, defense lawyer Todd Foster said Nadel does not have the $1 million in cash that Cote requires.

The judge also said four financially secure people must sign his bond before he can go home to electronic monitoring.

Foster says people have been reluctant to support Nadel financially because of bad publicity.

Prosecutors had asked that he be detained without bail, saying he is a risk to flee.

Authorities said Nadel disappeared on a two-week jaunt across the country before turning himself in on Jan. 27.

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