Don’t any of these guys know how to do anything?

Dealbreaker reports that Art Nadel, Ponzi artist wannabe, has surrendered to the cops in Tampa. This was the old guy (but still 8 years younger than his mentor, Walter Noel) who skipped out when it was discovered he was shy about $350 million (or $750 milion – who keeps track these days?) from the assets he was supposed to be managing. Ironicall, he, like Walter Noel, may have been a Madoff victim because after years of benign neglect from his investors, a couple of them grew worried when Bernie was exposed as a fraud and decided to finally perform an audit of Nadel’s books. He fled the next day. 

Tip for fraudsters – always have a get away plan, damn it! If you’re going to steal, at least consider the possibility that you might get caught and do a little advance planning. I’ll bet Bernie did, and at least his money escaped.

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2 responses to “Don’t any of these guys know how to do anything?

  1. Peg

    Sometimes, Chris, after reading your blog, I wonder what will happen to real estate in your area after all the Ponzi schemes, fraud and “sorry; no more enormous bonuses” shake out. Will the Mad Monkey then be glad to get $525 a sq. ft. for Greenwich properties, instead of his celestial $1000K?

    Does anyone in your area do Real Work?

  2. christopherfountain

    No no, Peg, here in Greenwich we have “people who do that sort of thing”. We landowners relax on the ground, backs against stately elms, pipes in hand and sing our favorite Whiffenpoof songs while Bitsy oversees Nanny and the children. It’s all quite idyllic, as you can imagine.