Arthur Nadel, et al.

On January 21, 2009, the SEC obtained a temporary restraining order, preliminary injunction and asset freeze against a number of defendants involved in an ongoing hedge fund fraud. The defendants include Arthur Nadel and two related companies who provided investment advice to six hedge funds. According to the complaint, Nadel provided false and misleading information for dissemination to investors about the Funds' historical returns and falsely overstated the value of investments in the Funds by approximately $300 million. The SEC also alleged the Funds appear to have total assets of less than $1 million. For more information about the SEC action, you can read Litigation Release No. 20858 (Jan 21, 2009).

The Court appointed Burton W. Wiand, Esq. as Receiver over the corporate defendants and relief defendants. For more information about Receivership, you can visit the Receiver’s website.