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.
That genius Bernie Madoff may have been too dumb to git while the gittin’ was good but Little Bernie, Art Nadel, apparently learned from the master’s example. His Subaru has been found at a Florida international airport and authorities think that Art, and his stolen money, may have left the jurisdiction. Hey, it’s only $350 million, barely enough to hire a bimbo to accompany you on a fly fishing trip to the Seychelles but it beats being cooped up in a New York penthouse all winter.
I’m just wondering why no one’s at the Noel’s Round Hill cottage. gee, I hope everything’s all right up there.
Not a thing, as long as you’re content with not accessing those gains and want simply to roll around on your monthly statements. Otherwise, Art Nadel’s partners have some bad news for you: the money never existed. We posted about Nadel and his disappearance last week – rumor has it that he was on his way from Florida to join Walter Noel at his Round Hill hideout – but until this report I hadn’t realized how successful Nadel claimed to be – turns out, Bernie didn’t have to be so modest, limiting his imaginary gains to 8%-10% per year; investors were willing to believe anything they were told.
“In hindsight,” says one defrauded investor, “it was probably too good to be true.”
Going forward, here’s a suggestion: even without the benefit of hindsight, 32% a year is too good to be true.
Back in the days when I hunted stock brokers I volunteered to teach, free, a continuing education class at the High School on how to spot fraud in the management of your account. This was during the days of the Dot.com boom and, despite offering it twice, Fall and Spring, had exactly zero takers. No one wanted to be disturbed in the enjoyment of their riches. Fraudsters have relied on this refusal to see for hundreds of years and will continue to do so, no matter how many new regulations and laws we pass.
Hell, until yesterday, we’d never heard of this 75 year old scamster who took off after stealing millions. But now he gets his fifteen minutes of fame. I doubt Walt Noel will begrudge the youngster he attention – after all, matters Noel will be returning to the front burner soon enough.
While we wait for Walt, here’s more on Artie.
Oh dear: shots of Peg Nadel, Artie’s 39 year old wife before and after learning that her lover/husband was a crook. Such a shame.