Ponzi Schemer Arthur Nadel to be Profiled Tonight on CNBC's "American Greed"
Tonight's "American Greed" will profile convicted Ponzi schemer Arthur Nadel in a special episode entitled "The Wizard of Sarasota."
The Nadel episode will be the 49th episode of CNBC's original primetime series dedicated to examining "the dark side of the American dream," and will likely examine the events leading up to the scheme's collapse, as well as the scheme itself. A brief synopsis on the show's website states: "Arthur Nadel conjures a $330 million hedge fund. In the blink of an eye, he disappears and leaves clients without their life savings."
Nadel, known in some circles as a "mini-Madoff," pled guilty in 2010 to 15 federal fraud counts, including six counts of securities fraud ("Arthur Nadel pleads guilty to Ponzi scheme," Herald Tribune, Feb. 25, 2010). He also admitted to orchestrating a nine-year-long, multi-million-dollar Ponzi scheme, which cost hundreds of investors approximately $162 million in losses when it collapsed in January of 2009. He is currently serving a 14-year prison sentence.
"The Wizard of Sarasota" is scheduled for Wednesday, April 27, at 10 p.m. EST. It will re-air on Saturday at 8 p.m., Sunday at midnight, and May 4 at 9 p.m. For additional details, visit the "American Greed" website.