Lawyer-Turned-Money Manager Pleads Guilty in Alleged $397M Ponzi Scheme
Friday, February 26th, 2010
A disbarred lawyer told a federal court in Manhattan on Wednesday that he was “profoundly sorry” for running a $397 million Ponzi scheme. Lawyers for 77-yar-old Arthur Nadel, who pleaded guilty on Wednesday, are seeking a sentence of 12 to 16 years in prison, the Wall Street Journal (sub. req.) reports. Prosecutors are seeking a sentence of about 20 to 24 years. The plea agreement also calls for Nadel to forfeit $162 million, Reuters reports. “I will carry this burden with me every day for the rest of my life,” Nadel told the court. Ocala, Fla., retiree David Walters told…