Investors May Be Out $350 Million

The unexplained disappearance of Sarasota investment manager, philanthropist, and FBO owner Arthur G. Nadel has left authorities puzzled and his investors wondering if they've lost a total of $350 million.

The Sarasota Herald-Tribune reports Nadel, 75, was last seen on Wednesday morning by his wife Peg, but there was no indication of anything amiss until Nadel called his stepson, Geoff Quisenberry, that afternoon with a strange request that he retrieve a note left at the Nadel home.

The note "was enough to alarm the family and to show that Mr. Nadel was distraught," said Sarasota County Sheriff's Department spokesman Lt. Chuck Lesaltato. Although the missing persons report filed by the family lists Nadel's disappearance as a possible suicide, Lesaltato was reluctant to characterize the note left behind as a suicide note.

Authorities did find Nadel's car, parked at the Sarasota-Bradenton International Airport (SRQ), but as yet have not determined his whereabouts.

Numerous investors with Nadel's Scoop Management, Inc. firm now fear the worst... that their precious funds -- as much as $350 million altogether -- have vanished along with Nadel. Business partner Neil V. Moody released a statement to investors on Thursday, confirming the money is gone.

"Unfortunately, just yesterday afternoon we became aware of an extremely serious situation suggesting that the funds may have virtually no remaining value," Moody said in the statement.

In addition to apparent investment problems, Nadel has another iron in the fire causing local controversy. The Nadels are owners of the Venice Jet Center, an FBO located at nearby Venice Municipal Airport (VNC).

Recent expansion plans by Venice Jet Center to build four new hangars have heated up opposition from the Venice City Council, fearing that more hangar space will invite more jet traffic and noise, already a touchy subject in the Southwest Florida community.

On Saturday, Quisenberry read a statement prepared by the family:

"The employees of Scoop Management, which includes Peg Nadel, the wife of Arthur Nadel, have just learned that they, along with many others who have invested money with Art, have been victimized by his unauthorized actions," he said.

Quisenberry also said the family is cooperating with authorities and is still trying to piece together what happened.

FMI: www.venicejetcenter.com