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Business Observer Friday, Oct. 22, 2010 11 years ago

Nadel sentenced to 14 years

Sarasota's Art Nadel orchestrated one of the region's largest Ponzi schemes.

Arthur G. Nadel, the Sarasota man responsible for a Ponzi scheme that did $162 million in damage to hundreds of Floridians, has been sentenced to 14 years in prison for his actions.

The sentence issued by U.S. District Court Judge John G. Koeltl is slightly above the halfway point of Nadel's defense attorneys' request of five years and prosecutors' demands for a 24 year sentence.

Koeltl also recommended Nadel, 77, be sent to Butner Federal Medical Facility, where he would join Bernie Madoff as a prisoner.

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