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Robert Trigaux

Nadel to wife: 'Sell the Subarau' if you must

27

January

Did Ponzi scheme king Bernie Madoff inadvertently do something right? Bloomberg News reports that the fraud perpetrated by Sarasota money manager Art Nadel -- arrested this morning -- may have been uncovered because of the unrelated arrest on Dec. 11 of fund manager Madoff for duping investors out of $50 billion. So says the FBI in a criminal complaint.

After years of rebuffing requests from an unnamed partner for an independent audit of his funds, Bloomberg News reports, Nadel agreed to one on Jan. 8, FBI agent Kevin Riordan said in a criminal complaint. Nadel fled six days later after telling his wife how to survive financially without him, Riordan said. here's what Nadel wrote to his wife in a note that employees found Jan. 15 in a shredding machine:

“The avenues to money for you will likely be blocked soon. Withdraw as much cash as you can,” he said, adding that he would send further instructions. “Sell the Subaru if you need money,” the FBI quoted him as writing.

-- Robert Trigaux, Times Business Columnist

[Last modified: Tuesday, June 1, 2010 12:23pm]

    

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