Take the Money and Run

Cops say no foul play in fund manager's disappearance

Wednesday, Jan 21, 2009  |  Updated 12:49 PM PDT
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Take the Money and Run

Nicholas Rigg

Police found no signs of foul play in the disappearance of fund manager Arthur Nadel, who may have faked his death after not repaying investors.

Authorities in Florida say they believe a missing hedge fund manager who owed investors a $50 million payout staged his disappearance.

The Sarasota County Sheriff's Lt. Chuck Lesaltato says the department is ending its involvement in the search for Arthur G. Nadel after finding no signs of foul play. The FBI is leading the investigation.

Also on Tuesday, Mace Security International announced that Nadel owes them $2.2 million.

Nadel disappeared last Wednesday, after leaving his family a note indicating he was going to kill himself. Investigators found his car in a Sarasota airport parking lot the next day.

Nadel is the latest of a string of crooked or failed money managers to make a run for it after stealing or losing their clients' money.

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