Mini-Madoff Turns Himself In

Much has happened with Art Nadel since we last wrote about him. For one, he has acquired a catchy new nickname: Mini-Madoff! How dignified.

More important, though, he turned himself in to the FBI early this morning. Nadel ran six hedge funds out of Sarasota, and investors thought they were worth $300 million. Turns out they were worth less than $1 million. Seventy-six-year-old Nadel went missing about two weeks ago after leaving a suicide-esque note. But shortly afterward, he called his wife from Louisiana. He then traveled back to Tampa, where he turned himself in.

Law enforcement is now freely using the term Ponzi scheme and began interrogating Nadel once he turned himself in. He is due in court later this afternoon.

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