Arthur Nadel Admits to Giant Ponzi Scheme

MANHATTAN (CN) - Florida-based hedge fund manager Arthur Nadel pleaded guilty Wednesday to 15 counts of fraud, admitting he bilked clients for $162 million in a multiyear Ponzi scheme. Nadel, 77, of Sarasota, disappeared briefly in April 2009 and left what appeared to be a suicide note after clients asked to see financial statements.

Nadel pleaded guilty to six federal county of securities fraud, one count of mail fraud and eight counts of wire fraud. He faces up to 20 years on each count and a fine of twice the damage be did. He will be sentenced on June 11.

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