Fugitive financier Arthur G. Nadel surrendered Tuesday in Tampa to face federal charges that he stole millions of dollars through a Sarasota hedge fund operation. Nadel was charged with two counts of securities fraud and wire fraud, accused of launching a scheme at least five years ago that bilked up to 600 investors from here and across the nation. Nadel, 76, boasted of running hedge funds that were worth $342 million. But in fact, the funds were valued at less than $1 million when Nadel fled Sarasota on Jan. 14, unable to come up with $50 million investors had demanded.
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