Light Rain56° WeatherLight Rain56° Weather

Venture

Robert Trigaux

Amid 'Mini-Madoff' Ponzi schemer Art Nadel's ill-gotten gains, big honkin' rings

13

April

nadel-moodyringauctionponzictsyhindmanauctioneers.jpgWake up and good morning. Lest we forget too soon about "Mini-Madoff" Ponzi schemer Art Nadel of Sarasota and his pals, get a load of this platinum and diamond ring. It's part of the ill-gotten jewelry gains Nadel indulged in that were just sold at an auction. Final net: $591,560, after expenses ($231,800 was raised from that ring alone) for investors in Nadel and partners Neil and Christopher Moody.

Nearly 500 investors who lost $162 million in the six Nadel-Moody hedge funds have filed claims for money. The receivership expects to make initial disbursements later this year, the Sarasota Herald Tribune reports. Read more here. (Ring photo: Hindman Auctioneers.)

-- Robert Trigaux, Business Columnist, St. Petersburg Times

[Last modified: Wednesday, April 13, 2011 8:23am]

    

Join the discussion: Click to view comments, add yours

Loading...