Make us your home page

Holland & Knight agrees to settle ties to Ponzi schemer Art Nadel for $25 million

The law firm Holland & Knight said it will pay $25 million to settle claims related to its representing hedge funds controlled by Art Nadel, the Sarasota Ponzi schemer known as the "mini-Madoff."

Nadel, found guilty of defrauding investors of $168 million, died in prison in April at age 80. The settlement is expected to end a lawsuit filed two years ago seeking close to $170 million against Holland & Knight, alleging malpractice and complicity in Nadel's activities. The suit was brought by court appointed receiver Burt Wiand and his legal team at Tampa law firm Wiand Guerra King. Representing Wiand in the case was Guy M. Burns of Johnson Pope Bokor Ruppel and Burns, LLP.

Holland & Knight general counsel Michael Chapman issued a statement Tuesday saying the settlement represents a compromise by the firm that "reflects its consideration of various factors, including the substantial costs and investment of firm resources required to continue the litigation involving the funds."

The settlement, once approved by the U.S. District Court for the Middle District of Florida, will pay $25 million to the receivership estate in exchange for a broad release of claims. Just over $18 million of that sum is to be distributed to investors in the Nadel hedge funds.

Holland & Knight agrees to settle ties to Ponzi schemer Art Nadel for $25 million 08/28/12 [Last modified: Tuesday, August 28, 2012 7:36pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. Port Tampa Bay secures $9 million grant to deepen Big Bend Channel


    Port Tampa Bay has secured a $9 million grant from the U.S. Army Corps of Engineers for the widening and deepening of the Big Bend Channel in southern Hillsborough County.

  2. Tampa International Airport morphing into a mini-city unto itself


    TAMPA — By the end of the 2026, Joe Lopano wants Tampa International Airport to function as its own little city.

    Artist rendering of phase two of the $1 billion construction expansion of Tampa International Airport. The airport is transforming 17 acres of airport property that will include at least one hotel, retail and office space and a gas station, among other things.
[Courtesy of Tampa International Airport]
  3. Lost Highway: As FHP struggles to recruit, speeding tickets plummet

    State Roundup

    TALLAHASSEE — The number of speeding tickets written by Florida state troopers has plunged three straight years as the agency grapples with a personnel shortage and high turnover.

    State data shows FHP troopers are not writing violations for speeding or other infractions like they did back in 2011, even though there's 1 million more licensed drivers in Florida.
  4. Kidpreneurs — and adults — capitalize on gooey, squishy Slime craze


    Aletheia Venator and Berlyn Perdomo demonstrate the stretchiness of their slime. - Berlyn Perdomo and her friend, Aletheia Venator, both 13, make and sell slime which can be seen on their instagram site @the.real.slimeshadyy [JIM DAMASKE   |   Times]
  5. The last farmer of Florida's prized Zellwood corn is thinking of packing it in


    MOUNT DORA — Hank Scott steps out of his pickup between the long rows and snaps off an ear that grows about bellybutton-high on the forehead-high stalks.

    Hank Scott, co-owner of Long and Scott Farms, shucks an ear of corn on the farm in Mount Dora, Fla., on Wednesday, May 10, 2017. The farm specializes in Scott's Zellwood Triple-Sweet Gourmet Corn. LOREN ELLIOTT   |   Times