Daylife/Reuters Pictures
|
Federal regulators on Wednesday charged a missing hedge fund manager with fraud, saying he misled investors and overstated the value of investments in the six funds by about $300 million.
The Securities and Exchange Commission won a court order freezing the assets of Arthur G. Nadel, of Sarasota, Fla., and other defendants in the case.
Nadel owed investors a $50 million payout, told his wife in a note he felt guilty and threatened to kill himself, according to the Sarasota County Sheriff’s Office. The authorities believe that Nadel, 76, planned his Jan. 14 disappearance.
In a lawsuit filed in federal court in Tampa, the SEC said Nadel recently transferred at least $1.25 million from two of the funds to secret bank accounts that he controlled…
The SEC said Nadel’s funds currently appear to have assets totaling less than $1 million — while he claimed in sales materials for three of the funds that they had about $342 million in assets as of Nov. 30. The materials also boasted of monthly returns of 11 to 12 percent for several of the funds last year, when they actually had negative results.
The SEC has been doing it’s usual “praiseworthy” job of oversight. Looks like their prime activity has been drawing their salaries.
The Esteemed Mr. Fusion is correct. You Libertarians only want the regulations that protect YOU, other people can just go fuck themselves.
I don’t believe I’ve heard that before. Must be opinion.
Well, you adequately demonstrated it with your last comment.
That goes for any of you twisted, bleeding heart, failed coat-hangar abortions who think it is your job to look after those less fortunate than you by taking the money from people who DON’T think that way.
So you want those that don’t think your way to just up and die. Opinion?
BUT, to clarify, it is SOCIETY’s responsibility. All of society. Not the parts we get to pick and chose. No one asked me if any of my hard earned tax dollars should pay for your inconsiderate use of the road leading to your house. No one asked me if we should have any fire protection for your area. No one asked me if the Defense Department should protect you from our enemies.
#30, Loser,
Listen, he broke the law. That is evident or he wouldn’t be in hiding. What good would more regulations do?
Good point. We don’t need MORE regulation and no one is calling for more. We needed oversight. That includes someone looking at the books. That includes an independent audit. That includes licensing.
Instead we got a Libertarian approach of “let them regulate themselves”. We can see why this didn’t work. It didn’t work with the Savings and Loan problem we had 20 years ago. It won’t work today.
Look for many more of these problems to appear soon enough.
#29–RBG==”Investors sweat just as much as the ditch digger.”
hahahahahahahahahahawhahawhawhaheeeehawha
Perfect.
#34, Bobbo,
The ones about to go to jail are sweating like ditch diggers.
#32,
The Esteemed Mr. Fusion is correct. You Libertarians only want the regulations that protect YOU, other people can just go fuck themselves.
I don’t believe I’ve heard that before. Must be opinion.
Well, you adequately demonstrated it with your last comment.
That goes for any of you twisted, bleeding heart, failed coat-hangar abortions who think it is your job to look after those less fortunate than you by taking the money from people who DON’T think that way.
Actually, I just mimicked your tone — the name calling, the curse words, etc. You aren’t the only one good at swearing. I’m ex-Navy. I can peel paint if I want to.
And, btw . . . you proved my point as well — you are competing for the prestige of winning an argument.
So you want those that don’t think your way to just up and die. Opinion?
Nope. I just want you to stop treating people like kids. Let them stand up for themselves. Let them fail on their own.
BUT, to clarify, it is SOCIETY’s responsibility. All of society.
You are correct. However, it is NOT society’s right to violate someone else’s right. Society should volunteer to help — not force the help.
For instance — how many homeless people have you loaned your house out to recently?
Not the parts we get to pick and chose. No one asked me if any of my hard earned tax dollars should pay for your inconsiderate use of the road leading to your house. No one asked me if we should have any fire protection for your area. No one asked me if the Defense Department should protect you from our enemies.
Which has NOTHING to do with federal oversight of financial institutions.
#33, Poison Twin,
Listen, he broke the law. That is evident or he wouldn’t be in hiding. What good would more regulations do?
Good point. We don’t need MORE regulation and no one is calling for more. We needed oversight. That includes someone looking at the books. That includes an independent audit. That includes licensing.
What we need is to enforce the regulations on the books and FIRE the person who was responsible for this problem. Actually, he should be in jail right next to the fraudster.
And do you really think licensing is going to work? All you will create is an underground investment market worse than what we have now.
Instead we got a Libertarian approach of “let them regulate themselves”. We can see why this didn’t work. It didn’t work with the Savings and Loan problem we had 20 years ago. It won’t work today.
It would work if the goobermint would stop bailing out companies? The method you are referring to was Republicrat, not Libertarian.
Which current Poison-in-Chief voted for the bailouts and is planning more?
Look for many more of these problems to appear soon enough.
True enough. I’m stocked up on Tuna Fish. You?
#36, “However, it is NOT society’s right to violate someone else’s right.”
Don’t you know that people magically spawn new rights when they group up into mobs?
#38, Yep.
#38, Sl,
ha ha ha ha, great quip.
#36 – Liberty Loser
>>I can peel paint if I want to.
Reliable sources say that you’re what we used to refer to when I was a kid as a “candy ass”.
#41, Poison,
Funny. No, Seriously. The combination of intellectual and not. I’m writing that one down.
#36, Loser,
BUT, to clarify, it is SOCIETY’s responsibility. All of society.
You are correct. However, it is NOT society’s right to violate someone else’s right. Society should volunteer to help — not force the help.
For instance — how many homeless people have you loaned your house out to recently?
I thought the subject was about some unregulated jerk that stole money?
What you forget, or ignore, is the founding principle of this country. Go to the library And look up The Declaration of Independence. The opening line, We The People … Well, we the people decided that we will regulate banks, money changers, and investment managers. Among others. From that guiding light that started this nation we will continue to stop, through laws and policing to stop those who would prey on us and make this a weaker society. America, love it or leave it. Try the Antarctic.
#43,
I thought the subject was about some unregulated jerk that stole money?
Nope. It was about the failure the goobermint to enforce the regulations currently on the books that allowed a fraudster to easily separate fools from their money.
Re: DOI
The Declaration Of Independence is not the Law of Land.
The Constitution is.
And the writings set forth in that document are slowing being chipped away with each new regulation, SCOTUS misinterpretation, and government bureaucracy.
Mob Rule is Not Law Rule.