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Breaking News – Art Nadel Fraud Allegations
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In breaking news CNBC Senior Correspondent Scott Cohn reveals new details about the Art Nadel fraud allegations – it’s a story you first heard about on Fast Money!
Cohn says Art Nadel is behind bars now. You might remember Nadel had disappeared on January 14th just as the six hedge funds he managed went bust and his family reported him to police -- as a possible suicide.
But within days, Art Nadel was writing home to his family. In letters he said what he did was not stealing, but instead his moves were merely desperate attempts to doctor continuing losses.
Turns out Nadel did a lot of traveling while he was away. And before he left, he was doing a lot of check writing. Scott Cohn has learned that he wrote thousands of dollars in checks to himself and his other businesses, including a check for $120,000 the day before he disappeared.
Prosecutors say the evidence of Nadel's guilt is overwhelming and that he lied to investors almost every day for ten years. Nonetheless, the 76-year-old will be in court with his attorneys Friday, asking that he be freed on bond.
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Trader disclosure: On Feb. 12th, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (CAT) Call Spread, (ENER) Call Spread, (EEM) Call Spread, (GDX) Call Spread, (GLD) Call Spread; Najarian Owns (CHK) Put Spread; Najarian Owns (FCX) & (FCX) Calls; Najarian Owns (GS) Calls; Najarian Owns (MSFT) & (MSFT) Short Calls; Najarian Owns (MS) & (MS) Short Calls; Najarian Owns (MOS) Call Spread; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Finerman's Firm Owns (DNA) & (DNA) Call Spread; Finerman's Firm Owns (MSFT), (UNH); Finerman's Firm Is Short (IYR), (IJR), (IWM), (MDY), (SPY), (COF), (USO), (BBT); Macke Owns (RIMM), (AAPL), (MS), (TM), (SDS)
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