No sign of Florida financier or his clients’ millions – good thing it may only be $300 – $400 million this time. Just how many of these are out there?
How many individuals are going to abscond with millions and billions of other people’s money before something is done to protect individuals from these schemes? So Arthur Nadel, praised “successful” investment manager, may have only made off with $350 Million and not the billions taken by Madoff.
What I am confused about is exactly what criteria is being used by Wall Street and investment savvy individuals who deem these would-be crooks as “successful.” What has happened to the lost art of due diligence? Actually performing background investigations and spending a mere fraction of the funds to be invested in learning something objective and independent about the investment manager, the investments and just how “successful” the individual is before entrusting them with hundreds of thousands to millions of personal or organizational funds.
Caveat emptor – let the buyer beware. As the old adage goes – if it seems to good to be true, it almost always is.
Arthur Nadel, president of Scoop Management, whose reported disappearance Wednesday was followed two days later by complaints from investors who said that funds invested by and through Nadel had disappeared along with him.
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