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Judge likely to ease bail for Fla. hedge manager
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NEW YORK - A judge says he expects to ease bail conditions for a Florida hedge fund manager who disappeared for two weeks before his arrest.
Federal Judge John Koeltl said Tuesday he expects to reduce 76-year-old Arthur Nadel's $5 million bail at Nadel's June 25 court appearance.
Defense lawyer Mark Gombiner (GAHM'-beye-nur) said the Sarasota, Fla., man cannot properly prepare for trial while incarcerated.
He said Nadel has a "deep interest" in fighting fraud charges which carry a potential penalty of up to 280 years in prison. The government says more than 350 clients invested more than $360 million with Nadel.
Nadel went on a two-week, cross-country trip before turning himself in on Jan. 27.
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