Convicted Sarasota Ponzi Schemer Art Nadel Dies In Prison
Art Nadel a man notorious in Sarasota for his crimes, has died in a North Carolina prison.
He was the main man in the largest investment swindle the history of Southwest Florida, cheating investors out of more than $160 million dollars. And prosecutors said he had stolen away many investors' life savings.
Nadel was called a "mini-Madoff" according to the Sarasota Herald Tribune.
He ran six hedge funds in downtown Sarasota that collapsed in January 2009. He then fled town, leaving behind notes threatening suicide and displaying fears that other might want to kill him.
After he turned himself into police, he was eventually convicted of investment fraud and sentenced to 14 years in prison. Ironically, he was sent to he same federal prison as Bernie Madoff.
Art Nadel was 79.