Nadel Receives 14 Years in Prison For 10-Year, $330M Hedge Fund Fraud

The U.S. District Court for the Southern District of New York Oct. 21 sentenced hedge fund manager Arthur Nadel to 14 years in prison for his perpetration of a Ponzi scheme that defrauded at least 390 investors of more than $330 million (United States v. Nadel).

Judge John G. Koeltl also ordered the 77-year-old to forfeit $162 million, real estate in three states, five airplanes, and a helicopter. The prison time ordered by the court falls below the sentencing range—235 to 293 months, or at least 19 years—sought by the Justice Department.

Nadel Oct. 15 asked the court ...