Another One Bites The Dust

Discussion in 'Wall St. News' started by TradeViper, Jan 20, 2009.

  1. I remember when Beau was flogging his 5 minute forex system...
    His customers got wiped out there too. :p
  2. nkhoi

    nkhoi Moderator

    one more;
    Florida Hedgie Fled Amid Fraud Concern

    A Florida hedge fund manager disappeared Friday amid suspicion he stole client money.

    Arthur Nadel, 76, of Sarasota, abandoned his car in the parking lot of a local airport. He left his family a note that police said indicted a "distraught" state of mind.

    The FBI and SEC are investigating his Scoop Management, which claimed to run $350 million.

    A report claimed Nadel has spoken to his wife since his disappearance. The FBI suspected the call had been made from New Orleans, according to the report.

    Nadel, described by the Florida media as a "prominent player in Sarasota social and philanthropic" scene, had a sketchy personal and professional history.

    He graduated from New York University School of Law but was disbarred in 1982 for violating an escrow agreement. He had dabbled in real estate as well as finance, and was on his fourth marriage.
  3. Yessireee, all it takes is five, count'em, five minutes a day and you can become a money makin machine. "Yeah thats the ticket".

    Oh and since I lost all of your money, give me more and I promise to make it up to you, because this new investment can not loose. The chutzpa of some people

    "Chutzpa is that quality enshrined in a man who, having killed his mother and father, throws himself on the mercy of the court because he is an orphan."

    And you know what, some of these shmegege's will give this guy more money, I just know it.

    The Ever Practicing His Yiddish VIPER
  4. nkhoi

    nkhoi Moderator

    Nadel's secret sauce;

    Nadel had what some have characterized as a mathematical formula to his investments, which even investors failed to fully comprehend. According to Zucker, Nadel traded through Goldman Sachs and primarily in the Nasdaq 100.

    "Sometimes he'd be trading while we were talking," said Gordon Garrett, president of Sarasota's Jazz Club, which received donations from Nadel to put on nine jazz events in the community this year. "He had a formula that he followed, when a stock got too high would short, and when too low, would go in and buy. He was always looking for very small margins and traded very frequently.",2933,480865,00.html
  5. dobson


    Yes, I had seen that article in the Sarasota Herald-Tribune that Beau Diamond, his father, Harvey Diamond, Diamond Ventures, and 5-minute Forex are being sued for $35 million for their running a Ponzi scheme scam, ripping investors off. I also heard that the tried to get even more money from the people he ripped off. Apparently he was initially paying investors 5%/month, later lowering the return to 4%. He was also paying investors 1% on money they got other people to invest. I'm surprised he's not in jail yet.
  6. dobson


    Apparently, Beau Diamod wasn't making enough money from his 5-minute Forex trading system, that he had to rip his clients of for $35 million in a Ponzi Scheme scam. I hope none of you people were involved. It's my understanding, the authorities can recover money from anyone who gained from the Ponzi scheme, meaning both their "return" and the commsion they were paid for talking other people into investing in the rip-off Ponzi scam. I'm wondering how long it will take authorities to put Beau Diamond out of business and into jail.
  7. I always suspected most of these philanthropists were there only for cover.

    sort of like a secret get out of jail free card.

    it expired.
  8. Lethn


    I'm beginning to totally agree with the traders here who are against these 'gurus'. Really though, if they were such gurus then why would they need to make money off people in order to keep themselves going? It's a load of bollocks really they are as big scam artists as people like the federal reserve or even the federal government.
    #10     Sep 4, 2009