A jailed Florida hedge fund manager pleaded not guilty on Thursday to an indictment of running a $360 million investment fraud and his lawyer asked a judge to ease the conditions for him to make bail.
Prosecutors say Arthur Nadel, 76, went on the run for two weeks in January before his arrest on initial charges, but his lawyer said he is in poor health and not a flight risk.
Nadel's funds, one of several purported swindles that unraveled in the financial industry meltdown and after the high-profile Bernard Madoff scandal, enriched him and defrauded 350 clients who invested more than $360 million, the government said.
Judge John Koeltl in U.S. District Court in Manhattan heard Nadel plead not guilty to 15 charges in an indictment filed on Tuesday, including securities, mail and wire fraud.
If found guilty, Nadel will spend the rest of his life in prison. Each charge carries a maximum sentence of 20 years imprisonment.
Properties in Florida, North Carolina and Georgia and an aircraft company in Georgia are among the assets the government wants Nadel to forfeit.
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