Florida Money Manager Goes Missing With Millions

January 19, 2009

(ChattahBox) – It appears another investment manager who was entrusted with the saving of many families has let everyone down. The FBI has now joined the U.S. Securities and Exchange Commission in investigating Arthur Nadel, president of Scoop Management Inc, who reported disappearance Wednesday. Investors say that funds perhaps hundreds of millions of dollars invested by and through Nadel had disappeared along with him.

Nadel’s car was found Thursday afternoon in the parking lot of the Sarasota-Bradenton International Airport and Sarasota police said the investigation was ongoing and the department could not comment on whether Nadel had left the state or the country.

Nadel, 75, left a note for his family that was characterized by a local newspaper as a suicide note.

Nadel spoke by phone to his wife Marguerite (known as Peg) possibly from New Orleans, since leaving home, according to Neil Moody, who contracted with Nadel to run three funds, including Viking IRA.

Nadel and his wife Peg were prominent philanthropists and socialites in Sarasota, an upscale community south of Tampa, Florida. The couple was involved in many community organizations including Habitat for Humanity.

Investors can do very little now, but wait to find out what happened to the funds they entrusted with Nadel and companies he associated with.


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