Ponzi Schemer Who Told Wife ‘Sell The Subaru If You Need Money’ Pleads Guilty To Fraud

Florida hedge fund manager Arthur Nadel, who scooted around the country last winter after the government got wind of his fraud and who told his wife to ‘sell the Subaru if you need money,” pleaded guilty to 15 counts of securities fraud today for defrauding customers of millions of dollars in a massive Ponzi scheme.

The government contended that Nadel told his investors that their accounts had $350 million, when they had only about $125,000 at the time the fraud unraveled.