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In breaking news CNBC's Scott Cohn reports that authorities in Sarasota, Florida say they have closed their investigation into the disappearance of 76-year-old hedge fund manager Arthur Nadel, since they say it now appears Nadel went missing "voluntarily."
However, Cohn tells the Fast Money traders that the FBI has now opened a formal investigation into the apparent disappearance of $350 million in the six funds he managed.
Nadel's wife, Peg, reported him missing on Wednesday, after the money manager phoned home saying he planned to commit suicide.
But according to newly released police reports, Nadel used his cell phone at least four times since he was last seen by family members on Wednesday morning. The most recent call was one Nadel received Thursday afternoon, apparently in downtown New Orleans.
Nadel has so far not been charged with any wrongdoing, and his family has issued an urgent plea for him to come home.
Nadel managed six Sarasota-based hedge funds under the names Scoop, Victory, Viking and Valhalla. Investors were informed in a letter Thursday that the funds "may have virtually no remaining value." Sources say the funds, like many hedge funds, were hit hard with redemption requests as the financial crisis unfolded.
Then, after the apparently unrelated collapse of Bernard Madoff's investments in December, Nadel's funds were hit with around $50 million in redemption requests from worried investors.
-- this report was written by Scott Cohn
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Trader disclosure: On Jan. 20th, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (C), (BAC), (TM), (SDS); Adami Owns (AGU), (C), (BTU), (GS), (INTC), (MSFT), (NUE); Seymour Owns (AA), (AAPL), (BAC), (F), (EEM), (FXI), (TSO); Najarian Owns (MS), (PALM) ; Najarian Owns (EEM) Call Spread; Najarian Owns (FCX) & (FCX) Short Calls; Najarian Owns (MS) Short Calls & Short Put Spread; Najarian Owns (NVLS) Calls; Najarian Owns (XME) Long Calls; Najarian Owns (IYR) Puts
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