Arthur Nadel Needs a Lawyer

Accused Florida Ponzi schemer <"">Arthur Nadel is still looking for a lawyer. According to a report on, a federal judge has given Nadel more time to retain an attorney to represent him in a civil lawsuit filed by Securities and Exchange Commission (SEC).

Nadel was president of Scoop Management, which managed six private investment funds. The funds managed by Scoop included Viking IRA, Valhalla Investment Partners LP, Viking, Victory, Victory IRA and Scoop Real Estate. Viking IRA, Valhalla and Viking funds were managed by Nadel under contract with his partners, Neil and Chris Moody.

Nadel disappeared on January 14, a day before he was to deliver a $50 million payout to investors. He left his family a purported suicide note, but it was always suspected that Nadel was alive and on the run.

Nadel turned himself in to the FBI in Tampa two weeks later. His was charged with one count each of securities fraud and wire fraud, and his case was moved to federal court in Manhattan. Nadel is in jail, having been unable to meet the conditions of a $5 million bond. If convicted, Nadel could face maximum of 20 years in prison on each charge.

Nadel has retained a attorneys for his criminal case. But he is also named in an SEC civil suit. According to the SEC’s complaint, the funds Nadel managed appear to have total assets of less than $1 million. According to the SEC, Nadel overstated the value of the funds by $300 million.

If Nadel doesn’t have attorneys by April 6, he will lose his right to contest the SEC charges. According to, the attorneys representing Nadel in his criminal case could end up taking his SEC claim.

Meanwhile on Friday, the receiver handling the liquidation of Nadel’s assets, asked the same judge Guy-Nadel Foundation Inc. to the receivership. According to, the foundation received least $2.8 million from Nadel and his companies. The receiver has claimed that the foundation was funded through Nadel’s fraud.

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