'Mini-Madoff' Sentenced to 14 Years

Disgraced fund manager Art Nadel was sentenced Thursday to 14 years in prison after pleading guilty to defrauding investors of over $160 million.

Arthur Nadel
Arthur Nadel

The 77-year-old pleaded guilty to 15 counts, including securities and mail fraud, last February.

Prosecutors asked the judge to sentence Nadel to between 19 and 24 years. Nadel's defense lawyers, meanwhile, had sought a 5-year sentence.

Nadel was previously denied bail and has been incarcerated since his arrest in early 2009.

Based in Sarasota, Florida, Nadel bilked hundreds of mostly elderly clients through the management of six different funds, earning him the title of "mini-Madoff," after jailed Ponzi schemer Bernie Madoff.