MIAMI - A Florida hedge fund manager accused of defrauding investors out of millions is missing, and his family is worried because he left a note indicating he was "distraught," police said Saturday.
Authorities were interviewing investors and looking into claims that Arthur Nadel stole from them, said Sarasota police Capt. Bill Spitler. It was too soon to say exactly how much was invested, but there were reports the hedge fund could be out $350 million.
"The victims that I know of, I know some of them personally, they have no reason to lie," Spitler said.
Nadel, who operated under the name Scoop Management Inc. in Sarasota, was last seen Wednesday morning by his wife. She reported him missing later that day. Nadel, 75, left a note for his family, although neither authorities nor his wife would divulge its contents.
"The reason we were called was because he was distraught and they became concerned," said Sarasota County Sheriff's Office spokesman Lt. Chuck Lesaltato.
Nadel was prominent in local social and philanthropic circles. His investors ranged from individuals to the local YMCA Foundation, the Sarasota-Herald Tribune reported.
Neil Moody, who said he employed Scoop as a trader for three funds in which he was a general partner, has told several investors that the hedge fund's value was $350 million and that he was out millions.
