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Nadel’s Lawyers Named in Investor Lawsuit | cialis online

Nadel’s Lawyers Named in Investor Lawsuit

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Some of Arthur Nadel’s former  investors are looking to place blame for their losses on a law firm that prepared some offering documents for the accused Ponzi schemer’s hedge funds.  The investors have charged the firm Holland & Knight with failing to perform due diligence, malpractice and negligent representation.

The investors bringing the lawsuit against Holland & Knight lost about $4.5 million as a result of investing with Nadel, AMLaw Daily said.  Holland & Knight has promised to “vigorously” defend the lawsuit.

According to AMLaw Daily, Holland & Knight is listed as general counsel on private placement memos Nadel used to attract investors to his funds.  The investors’ lawsuit claim that those documents failed to mention that Nadel was disbarred in the 1980s for using client escrow funds to pay a loan shark.  The suit also claims that some of the memos also failed to mention that the accountant for Nadel’s fund was not a certified public accountant.

Nadel, who was recently indicted on 15 fraud counts, was president of Sarasota-based Scoop Management.  Nadel reportedly told his 350 investors that his funds held $360 million, but in truth, they only held around $125,000. As we reported previously, the indictment against Nadel includes six counts of securities fraud, eight counts of wire fraud and one count of mail fraud. Nadel faces a maximum 280 years in prison if convicted. He also faces forfeiture of his Sarasota, Florida home, bank accounts and other property he amassed with money from the alleged scam.

A statement from U.S. prosecutors said Nadel ran his alleged scheme from 1999 through January, at one point claiming the funds had generated more than $271 million in gains with annual profits ranging from 18 percent to 48 percent. But in reality, his trading resulted in an overall net loss in the funds, the statement said.

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