March 1 2010

In a surprise court appearance last Wednesday hedge fund owner Art Nadel pled guilty in a New York Federal court.

It was a bitter disappointment to swindled investors, as well as to interested onlookers anxious for a glimpse of not only how he did it, but who he did it with.

Nadel’s guilty plea may have removed the best—maybe the only—chance to make accountants and bookkeepers and managers at feeder hedge funds, all of whom had front row seats to the scandal, face public scrutiny while testifying about what went on at Scoop Management.

Most people find it impossible to believe he acted alone

But if things look bad for Nadel’s hapless investors, the outlook for the citizens of Venice, Florida, where Nadel owned the same business that earlier trained Mohamed Atta to fly, is even more bleak.

For them, Nadel’s descent from hedge fund owner to handcuffs may be going from the frying pan to the fire.

That’s because the new owner of the former Huffman Aviation owns a hedge fund, too.

Even worse, the new owner’s top henchman, who often fronts for his various financial entities as their President, was at the heart of a Wall Street scandal that looted more money from investors than Art Nadel ever dreamed of stealing, and which was—until the financial meltdown last year—the biggest fraud Wall Street had ever seen.

FULL STORY at http://www.madcowprod.com/03012010.htm

Filed under: Uncategorized by admin Date 1 March, 2010