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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.
alien abductions no doubt
He’s easy to find. Just go to any nice, sandy beach in the Bahamas.
That’s just the financial industry scandal “disappearances”.
Soon, look out for disappearing Bush government workers. Alien abductions, Bermuda triangle and even la Chupacabra explanations given by these criminals will not exclude them from wearing pink jump suits for a long time.
So why don’t all the Libertarians that scream for less regulation come and defend this?
Where are those right wing nuts telling us how regulations and oversight are a waste of time and cost us money?
How much more shit from the Bush Dark Ages is there waiting to be discovered?
# 4 Dallas said, “Soon, look out for disappearing Bush government workers.”
Truth. Precedence for this was found during Clinton’s watch. Mr. Foster.
They’ll have you suicidal, suicidal
When they say it’s over
# 5 Mr. Fusion said, “How much more shit from the Bush Dark Ages is there waiting to be discovered?”
Plenty. But, as previously stated, those who were supporting the policies (Dem leadership) haven’t and won’t let it come to light and be fixed.
I want to see stick up kids move into these asshole’s neighborhoods.
This guy’s small potatoes. If there’s one Madoff size swindle there’ll be more. If the SEC is ever to be trusted again they’re gonna have to bust these guys. They aren’t exceptional, these individuals, they just took advantage of a system that trusted them to do the right thing. Oversight, regulation, and regularly scheduled audits would’ve kept these guys in line. Obviously, controlling things like this is in the interest of national security, let’s hope change will happen.
If it were up to me I’d string ’em up by the nads.
“We will meet these challenges, not through big government. The era of big government is over.”
President William Jefferson Clinton
Jan 27, 1996
http://tinyurl.com/aue56n
It’s a radical idea, but maybe we can have regular independent AUDITS of investment funds?
RBG
#5
So why don’t all the Libertarians that scream for less regulation come and defend this?
If the government was doing its job to begin with this stuff wouldn’t happen. You can only fix so much by just throwing money at the problem, and you might even make the problem worse.
Libertarians don’t hate regulation, we hate excessive spending and corruption. The goal is to find a good balance between good regulation and government spending/too much regulation and spending.
Good repuglican ass wipe: feels guilty while continuing to steal from people. A lesson: do we listen to what people/politicians say == or what they actually do?
Sheesh, first the liberals complain that the black-white prison ratio is not fair. There’s just no satisfying these people.
RBG
#5 So why don’t all the Libertarians that scream for less regulation come and defend this?
Defend what? I crook?
What is indefensible is that his investors took him at his word without doing their research? I was actually approached by someone representing this guy at one time and I could NOTHING on the internet about his funds performing as claimed. I didn’t invest.
This is not a Libertarian/Big Government issue. This is an issue of people expecting to make money for free without having to work for it. Very anti-Libertarian.
What regulation would have stopped this guy?
#16–LL==thanks for proving me wrong. I see we do have to judge YOU by what you say:
No regulation stops anything==you actually have to enforce the regulations that exist–something the “regulators” under BushtheRetard weren’t very good at but in fairness, regulating the big money boys always is difficult for ass wipes.
Interesting though you characterize the investment class and their revenue as “not earned.” I agree. I have always thought passive income should be taxed at higher marginal rates, not lower.
#12 RBG
If you are going to quote then it must be accurate. I’m no lover of more taxes and the horseshit we will be saddled with during the Obomba administration but to be fair Clinton said;
“We will meet these challenges, not through big government. The era of big government is over, but we can’t go back to a time when our citizens were just left to fend for themselves.”
The comma and the rest of the sentence changes things.
The only way to make money anymore is the old fashion way. “Screw someone else”
18. Mr. Diesel. The rest of my referenced quote does not change Clinton’s position that calls for eliminating government intervention while maintaining that the Conservatives provided more.
Clinton’s “but” simply states the obvious that government can’t be removed completely because, as everyone knows, citizens should not have to manage their own affairs.
RBG
17 bobbo. I have always thought passive income should be taxed at higher marginal rates, not lower.
No problem. And in fairness and exchange, as long as likewise the “passive” losses from all investors who would undertake the risks of creating the nation’s business and wealth are rebated.
RBG
#21–RBG==there is no “likewise” there. Investment income (capital gains) is already taxed. I’m just saying as it is passive there is justification to tax it at higher rates.
I don’t buy into your Regan propaganda that its income from investments that forge American business. Remember the other piece of Regun BS that its the small business man with 15-20 employees that is the jobs engine in the USA.
#16, Loser,
This is an issue of people expecting to make money for free without having to work for it. Very anti-Libertarian.
What regulation would have stopped this guy?
It is an example of people investing their money that was being regulated.
What regulation would have stopped this guy?
The regulations requiring that funds are audited by an independent auditor. Regulations requiring the fund keep accurate records. Regulations that each fund submit true copies of its deposits and investments. AND, most importantly, a little oversight.
#23, Poison Twin
This is an issue of people expecting to make money for free without having to work for it. Very anti-Libertarian.
It is an example of people investing their money that was being regulated.
Doesn’t look too regulated to me. And if the investors had done a little “work” instead of relying on the government, they would have found out this guy was full of shit.
What regulation would have stopped this guy?
The regulations requiring that funds are audited by an independent auditor. Regulations requiring the fund keep accurate records. Regulations that each fund submit true copies of its deposits and investments. AND, most importantly, a little oversight.
So what you are saying is that we need MORE regulations to enforce the regulations already on the books.
71,000 pages or regulations last year wasn’t enough for you?
This whole thing could have been avoided if the investors had simply pulled they heads out of their asses and did their own research.
I’m sorry, but I just have no sympathy for laziness nor do I feel it is the government’s job to help them out.
#13, Nobody Else,
Libertarians don’t hate regulation, we hate excessive spending and corruption. The goal is to find a good balance between good regulation and government spending/too much regulation and spending.
Libertarians only like regulations they agree with. Any other is a waste. If they don’t enjoy getting screwed, they want regulations. If anyone else is getting screwed, too bad.
The whole idea of having government regulation is WE ARE THE GOVERNMENT. Collectively we can do a better job of having an expert check food quality, catch criminals, build infrastructure, assess taxes, defend our borders, and make rules on how our society will operate.
No one has the expertise to survive every aspect of modern society. So we need experts in those fields to do the oversight for us.
#6 – Paddy-RAMBO
>>Truth. Precedence for this was found during
>>Clinton’s watch. Mr. Foster.
Tee hee, Paddy-RAMBO. Haw haw haw! I think it’s time for you to adjust your tin-foil hat. If you think Clinton’s knuckle-dragging thugs killed Vince Foster and then set it up to look like a suicide (which was verified as the cause of death by no fewer than THREE separate investigations), well. You’re even more gullible than I thought.
No wonder you’re a Repug.
#24 – Liberty Loser
>>So what you are saying is that we need MORE \
>>regulations to enforce the regulations
>>already on the books.
Of course. If it’s not a crime to flaunt the regulations, what’s the purpose of having them in the first place.
The Esteemed Mr. Fusion is correct. You Libertarians only want the regulations that protect YOU, other people can just go fuck themselves.
Most Libertarians I have known are the nastiest, most self-centered, ignorant pricks you can imagine. You haven’t done anything to disabuse me of that notion. The Libertarian “platform” sounds great in theory, but in practice it attracts right-wing, bigoted, intolerant fucks who just don’t want to be prevented from giving the shaft to other people.
#27, Mustard,
Most Libertarians I have known are …
You forgot selfish.
🙂
22 bobbo. And I’m saying that there is nothing “passive” about putting your money into a business and effectively taking on the risk of that business being successful. That has value. You gonna take on the risk? Then who? The Tooth Fairy?
You might have noticed more than a few people have not-so-passively lost their shirts. Instead you seem to believe investing is just constant and unfair martini time next to the pool. You might look again. Investors sweat just as much as the ditch digger.
As I say, if you’re going to take away from investors when they are successful, you’d better be prepared to put in when they are not.
RBG
#27, Poison Twin,
>>So what you are saying is that we need MORE \
>>regulations to enforce the regulations
>>already on the books.
Of course. If it’s not a crime to flaunt the regulations, what’s the purpose of having them in the first place.
I am not saying he should go free. He should be tried to the fullest extent of the law. More regulations aren’t going to stop what he did.
If you believe they will, please send me the check instead of the government. I’ll be sure it is put to good use.
Listen, he broke the law. That is evident or he wouldn’t be in hiding. What good would more regulations do? All it does is add another layer of bureaucracy to an already mangled system. He is going to jail because he got caught. His investors lost their ass because they were lazy.
You really want to protect rich, lazy bastards?
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.
Most Libertarians I have known are the nastiest, most self-centered, ignorant pricks you can imagine. You haven’t done anything to disabuse me of that notion. The Libertarian “platform” sounds great in theory, but in practice it attracts right-wing, bigoted, intolerant fucks who just don’t want to be prevented from giving the shaft to other people.
That is the way human beings are made. Those who are nice finish last. Period. Competition is what we are made of. We compete for jobs, we compete for women, we compete for prestige.
If you don’t, you are an evolutionary dead-end. I am glad to know my son won’t have to deal your offspring in the near future.
If you want to prove your altruism to me, go down and adopt 10 homeless people and put them in your house for the next year. Then I will STFU. 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.
# 26 Mister Mustard said, “Tee hee, Paddy-RAMBO. Haw haw haw! I think it’s time for you to adjust your tin-foil hat”
I don’t really think that. I’m just mimicking the neolib tip foil hat wearing crowd.