Fla. money manager Arthur Nadel due in court on fraud charge, has been negotiating plea deal

Fla. money manager due in court on fraud charge

NEW YORK — A Florida hedge fund manager accused of bilking investors of up to $350 million has been scheduled to go before a federal judge in New York City.

Lawyers for Arthur Nadel had been negotiating a plea bargain with prosecutors and had said earlier this month that it was “very likely” his case would be resolved within weeks.

The 77-year-old grabbed headlines last winter when he disappeared as investigators scrutinized his company.

He traveled the country for two weeks, but occasionally wrote his family worrying that he would be labeled a “mini-Madoff.”

He also urged his wife to “Sell the Subaru if you need money.”

Prosecutors say Nadel defrauded hundreds of investors by falsely claiming he was a successful stock trader, while spending their money on his lavish lifestyle.