Posted On: November 22, 2010 by Marc Neff

“Mini-Madoff” Sentenced to 14 Years in Prison

Florida hedge fund manager Arthur Nadel recently was sentenced to 14 years in prison, stemming from a $162 million Ponzi scheme. Nadel, 77, had pled guilty to 15 counts of securities fraud, mail fraud and wire fraud. According to prosecutors, Nadel had defrauded investors by falsely claming that he was a successful attorney and trader, only later to spend their money to furnish his lavish lifestyle.

Nadel will serve his sentence at the same federal prison in North Carolina that houses famed inmate and Ponzi mastermind Berni Madoff. Madoff, 72, pled guilty to fraud charges last year after cheating investors out of billions of dollars. He is currently serving a 150-year sentence. Prior to surrendering to authorities in 2009, Nadel went on a two-week, cross-country trip, during which time he communicated in a letter to a family member that he anticipated that the press would call him “mini-Madoff”.”

All persons charged with crimes are entitled to the protections afforded by the United States Constitution. An experienced criminal defense attorney helps to ensure that a defendant’s rights are protected before, during and after a trial. If you have been charged with or convicted of a criminal offense, you should consult with a criminal defense attorney immediately. For a confidential consultation, contact the Law Offices of Marc Neff at (215) 563-9800 or via email at marc@nefflawoffices.com.