A U.S. grand jury indicted jailed Florida hedge fund manager Arthur Nadel on 15 charges of running an investment fraud amounting to about $360 million, according to court documents released Tuesday.
Nadel, who is jailed in New York because he has not been able to meet conditions for a $5 million bail, was on the run for two weeks in January before his arrest on the initial charges, according to prosecutors.
Sarasota, Florida-based Nadel, 76, was indicted on securities, mail and wire fraud charges that prosecutors said stemmed from a 10-year-long scheme to bilk investors. They said in court papers that he created false and fraudulent client account statements.
More than 350 clients invested more than $360 million with six of Nadel's funds and he received tens of millions in fees, the government said.
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