Hunt for Missing Manager Leads to Louisiana: Report

Federal law enforcement agents have tracked missing Sarasota hedge fund manager Arthur G. Nadel to Slidell, La., through cell phone records, according to a report in the Sarasota Herald-Tribune, which cited sources close to the investigation.

Nadel called his wife, Peg Nadel, last week and investigators used those records to place him in Slidell, a community of 90,000 northeast of New Orleans, during the weekend, the sources told the paper.

FBI and U.S. Securities and Exchange Commission investigators are believed to be in the city looking for Nadel, the report said.

It is unclear, though, how agents would be able to take the 76-year-old Nadel into custody. He is considered a suspect in a $350 million fraud case but officials do not have any charging documents against him.

Slidell is just across Lake Pontchartrain from New Orleans.

Arthur Nadel, who managed some $350 million for six Sarasota-based hedge funds, was last seen on Wednesday. That same day, investors in the funds were notified in a letter that all the funds' assets appeared to be gone.

While police initially were investigating the case as a possible suicide, it now appears Nadel did not go through with it, but his whereabouts remain unknown.