Money manager's request to release assets denied
A federal judge has denied Florida hedge fund manager Arthur Nadel's request for a hearing to consider releasing some of his frozen assets to pay attorney fees.
In a motion filed last week, Nadel's attorney said the 76-year-old Sarasota man can't pay his firm to represent him for the entire case. Nadel has been charged with securities fraud and is currently incarcerated in New York on $5 million bail. He's accused of bilking as much as $350 million from investors.
Prosecutors say Nadel disappeared on a two-week, cross-country jaunt as investigators closed in on him and his unraveling scheme.
The Securities and Exchange Commission won a court order in January freezing his assets.
U.S. District Court Judge Richard Lazzara denied the motion Monday.
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