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Ex-Florida hedge fund manager Nadel dies in federal prison at 80; cheated investors of $168M
BUTNER, N.C. (AP) ' A Florida hedge fund manager sentenced to 14 years in prison after cheating investors of $168 million has died.
Bureau of Prisons spokeswoman Traci Billingsley said Tuesday that Arthur Nadel died at the federal prison in Butner. He was 80.
Billingsley had no other details.
Nadel pleaded guilty in 2010 to securities fraud and was sentenced by a federal judge in New York. Prosecutors said 390 clients had invested nearly $400 million with him. Nadel went on a two-week, cross-country trip before he surrendered and worried he would be dubbed a "mini-Madoff," a reference to Ponzi king Bernard Madoff.
At his attorney's request, Nadel was sent to the same prison where Madoff is serving a 150-year sentence for cheating thousands of investors out of billions of dollars. Madoff pleaded guilty to fraud charges in 2009.