Nadel Fraud Dates Back to at Least 2003: Receiver

The court-appointed receiver in the case of missing hedge fund manager Art Nadel says Nadel has been defrauding investors since at least 2003, "and in all likelihood before then."

In a court filing late Monday, receiver Burton Wiand says Nadel's hedge funds were never worth anything close to what he was telling investors. Yet Nadel collected millions of dollars in fees --including as much as $20 million in 2005, and nearly $16 million last year.

What's more, the filing says, "a significant sum of the proceeds of Nadel's scheme made its way into other accounts controlled by Nadel and/or his wife," as well as financing other businesses Nadel controlled.

In court today, Wiand gained control over two of those businesses, in hopes of salvaging something for investors.

The businesses include a private jet facility at the Venice, Florida airport, and a company called Tradewinds, which controls at least five planes at the Newman-Coweta County Airport in Georgia.

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Nadel was last seen by his family on January 14. Authorities last traced him to the New Orleans area by way of cell phone calls. While he has not yet been charged with criminal wrongdoing, the Securities and Exchange Commission is pursuing civil fraud charges against him. Calls to Nadel's wife Peg -- and to her attorney -- were not returned.