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General Electric Victim Of Alleged Fraud
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Count CNBC's parent company, General Electric [GE
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], as one of the victims of an alleged fraud by Arthur Nadel, reports CNBC's Scott Cohn in late breaking news. The Florida hedge fund manager was arrested last week in what's been described as a "mini-Madoff" scheme.
In court papers filed this afternoon, GE's financing arm, GE Capital, says it loaned $2.6 million to a Nadel company in 2006 to purchase a Lear Jet--but the loan is in default.
Nadel disappeared January 14, after it became clear his hedge funds--which he claimed were worth more than $300 million--were practically worthless. He turned himself in to face fraud charges last week.
A federal court has frozen Nadel's assets and those of his companies--including the company that purchased the Lear Jet. Nadel is being held without bail after a judge ruled he is a flight risk.
He is being transported from Florida to New York to await trial.
-- This post was written by Scott Cohn. You can find his complete report at the beginning of the Pops & Drops video.
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Trader disclosure: On Feb. 4th, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Macke Owns (TM), (DIS), (MS), (SDS), (AAPL); Finerman's Firm Owns (DNA) & (DNA) Calls; Finerman's Firm Owns (MSFT), (PM); Finerman's Firm Is Short (IYR), (IJR), (IWM), (MDY), (SPY), (USO), (BBT); Najarian Owns (BMY) Calls; Najarian Owns (CSCO) Call Spread; Najarian Owns (CAT) Call Spread; Najarian Owns (EEM) Call Spread; Najarian Owns (FCX) & (FCX) Calls; Najarian Owns (GDX) Call Spread; Najarian Owns (MSFT) & (MSFT) Short Calls; Najarian Owns (MS) & (MS) Short Calls; Najarian Owns (V) Call Spread
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