American Greed Episode 49: The Wizard of Sarasota

Case File

The Wizard of Sarasota

  • The Hedge Fund Manager
  • Art Nadel is a smart, talented hedge fund manager. But Nadel has a shady past. After running into legal trouble in New York, he relocates to Sarasota --- home to some of the country's wealthiest elite.
  • The Wizard of Sarasota
  • Nadel is desperate for success. He meets and marries Peg Quisenberry, a former Vogue model and influential figure in Sarasota's philanthropic circles. Together they start a day-trading club. Nadel's little business begins attracting big money!
  • The Scam
  • Investors sign up. The Wizard of Sarasota seems to defy the odds… conjuring big returns even in down markets. But in reality, Nadel's trades are losing money. To cover his incompetence, Nadel creates fictitious returns and inflated investor statements.
  • The Vanishing Act
  • On January 14th, 2009, Art Nadel packs his briefcase, loads it into his late-model Subaru and heads off to work. He leaves a suicide note for his wife. His family panics and calls the police. Nadel has vanished…along with $330 million of his clients' money!

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