Analysis Of Arthur Nadel s Mini Madoff Ponzi Scheme

Arthur Nadel’s mini Madoff Ponzi scheme. Nikolay Solovyev Keiser University White Collar and Economic Crime CCJ4644 Ph.D. Vincent Giordano April 24, 2017 Abstract Identify and discuss a white collar case of your choice (note ENRON and your environmental case cannot be used). Discuss the history of the case. Who was harmed? What was the resolution and the long lasting effect of the crime? Discuss what you feel should be done to prevent this crime from occurring again. Arthur Nadel’s mini Madoff Ponzi scheme. I have decided to do my final paper on Arthur Nadel, who was known as mini-Madoff Ponzi scheme artist, also known as the wizard of Sarasota. Due to his ties to the State of Florida and Pinellas County and most†¦show more content†¦2). Before going to jail, Nadel made comment why he did what he did, and pretty much blamed it all in has past. â€Å"He described a Depression-era childhood, raised by age 8 by a single mother who later committed suicide; his first wife’s miscarriage and loss of baby who lived just hours; a 20-year law career ended in disbarment’ and an initially modest day-trading operation that veered out of control† (Hielscher, 2010, para. 2). Before actually going to jail, Arthur Nadel, left numerous letters to his wife on what to do in the event he goes to jail, how to take care of herself financially, if she had to, she could sell their Subaru. Investors People affected by Nadel scam. Most importantly, it effected Mr. Nadel and his immediate family, and his partner. Before going to jail Mr. Nadel starts developing heart problem and eventually died in jail while serving his sentence. Approximately 371 investors reported losses to include major company like Wells Fargo. Even some of his close friends and colleagues invested money in his scam. Denis Raefield, who was Mace Security International INC, reportedly lost 2.2 million dollars. Louis Paolino of Mace Security lost 5.8 million of personal funds in Viking Funds; and David Waters, a neighbor of Nadel, invested and lost $15 million dollars. Other notable business that invested and consequently lost a large amount of money: Venice Jet