Nadel apologises for major theft

Malaysia News.Net
Thursday 25th February, 2010

Hedge fund manager, Arthur Nadel, 77, has apologised to a New York court after pleading guilty to fraud charges.

Nadel was arrested after stealing millions of dollars from investors, before hiding from investigators.

After pleading guilty to securities fraud, he said: “I am profoundly sorry for what I have done. I want my victims to know I will carry this burden with me every day for the rest of my life.”

He told the judge he fully understood the rage of his victims, who had lost about $162 million.

While sentencing is scheduled for June, Nadel has already been in a federal jail since his arrest.

The government will now be able to seize Nadel’s assets, apart from a home in Sarasota, Florida, which his family will be permitted to keep as part of a plea bargain.

Nadel owned hundreds of acres of land, homes and a small airline company.

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