Art Nadel (far right) and his wife Peg out on the town
Another money manager is in the news. Art Nadel, who works for Sarasota-based Valhalla Management is missing. Geez, I wonder what could have happened to him? Maybe he's pulling another stunt like Marcus Schrenker or Sonya Kohn, who has still not been seen anywhere. Folks, this is about to blow up. Sarasota police has reportedly confirmed to CNBC that they are in the early stages of a large-scale probe of theft of invested assets. Media report says that millions of dollars, to the tune of $350 million, are missing and it is unclear if any will be recovered. What we have here is a Mini-Bernard Madoff case in the making.
Nadel's wife, Peg, confirmed he is missing after finding a suicide note, but would not say for how long. She called it a "sad situation" and said she is cooperating with the police who were in her home at the time CNBC spoke with her. Yeah, she knows exactly what his problem is.
The police would not say if Mr. Nadel is a suspect in the theft or provide any other details about their investigation. This is developing and there will be more to come.
Art Nadel (far right) and his wife Peg out on the town
Another money manager is in the news. Art Nadel, who works for Sarasota-based Valhalla Management is missing. Geez, I wonder what could have happened to him? Maybe he's pulling another stunt like Marcus Schrenker or Sonya Kohn, who has still not been seen anywhere. Folks, this is about to blow up. Sarasota police has reportedly confirmed to CNBC that they are in the early stages of a large-scale probe of theft of invested assets. Media report says that millions of dollars, to the tune of $350 million, are missing and it is unclear if any will be recovered. What we have here is a Mini-Bernard Madoff case in the making.
Nadel's wife, Peg, confirmed he is missing after finding a suicide note, but would not say for how long. She called it a "sad situation" and said she is cooperating with the police who were in her home at the time CNBC spoke with her. Yeah, she knows exactly what his problem is.
The police would not say if Mr. Nadel is a suspect in the theft or provide any other details about their investigation. This is developing and there will be more to come.
CAUGHT!!!! The punk was caught in Florida with his wrists slit.
UPDATE
This is better than a soap opera. I hope they catch this man before he kills himself.
Another clue has surfaced: Schrenker had apparently parked a red Yamaha motorcycle with packed saddlebags in a storage unit about 7 miles away from Childersburg. By Monday, the motorcycle was gone and Schrenker's still-damp clothes were in the storage unit when investigators got there, Marty Keely, U.S. Marshal for the Northern District of Alabama, told The Birmingham News.
Keely said Schrenker rented the unit on Saturday, paying cash, and told the manager that he would be back for his belongings on Monday. Meanwhile, in Indiana, Schrenker's neighbor Britt said he received an e-mail Monday night from Schrenker claiming the crash was an accident and saying he wanted the companies under investigation to succeed. Britt believes the e-mail is real, but its authenticity hasn't been verified.
The U.S. Marshals declined to say if they believed the e-mail was authentic. Britt said authorities asked him not to make it public. Britt quoted Schrenker as saying, "I embarrassed my family for the last time." He turned the e-mail over to authorities, fearing it was a suicide note.
In the e-mail, Britt is asked to set the record straight and Schrenker says he's stunned after reading coverage of the case on the Internet. According to the e-mail, the accident was caused when the window on the pilot side imploded, spraying him with glass and reducing cabin pressure. "Hypoxia can cause people to make terrible decisions and I simply put on my parachute and survival gear and bailed out," the e-mail reads.
U.S. Marshals spokesman Michael Richards in Birmingham declined to detail where agents are looking or how the search is being conducted. But investigators in Florida said Schrenker faces a host of possible charges if he deliberately abandoned the plane. "You just can't let an unmanned aircraft just maliciously fly into a residential area without facing any consequences," Santa Rosa County Sheriff's Office spokesman Scott Haines said on the CBS "Early Show."
Schrenker lived a high-flying life as an investment manager and an experienced recreational pilot with the nerves to pull off aerial stunts. In a video posted on YouTube, he is shown boldly completing a daredevil maneuver in the Bahamas, flying underneath a bridge. He bought luxury automobiles, two airplanes and a $4 million house in an upscale neighborhood known as "Cocktail Cove," where affluent boaters often socialize with cocktails in hand. Source: AJC
This man is a sociopath and he is wasting precious and scarce resources in this massive manhunt for him.
Why rich people will harm themselves when they run into money troubles is beyond me. The latest Madoff knock-off to try bodily harm is Marcus Schrenker, whose company, Heritage Wealth Management Inc. was issued on default federal judgment and ordered to pay OM Financial Life Insurance Company $533,564 . According to the Indiana Secretary of State's office, Schrenker is president of the company, which is based in Indianapolis. To make matters worse, Schrenker intentionally abandoned his plane Sunday over Alabama.
In May of 2007, Baltimore-based OM Financial Life Insurance Company filed suit against Schrenker and his Heritage Wealth Management company claiming "unjust enrichment." The company claimed the defendants repeatedly failed to pay back unearned commissions they received relating to OM Financial products. The defendants sold insurance and/or annuity plans for OM Financial.
"Defendants have refused to return, and did not return, the $433,314 in commissions paid to them by OM Financial arising out of products that were surrendered, lapsed, reversed and/or free-looked within the chargeback period," an amended claim reads. The judge also ordered the company to pay $33,852 in interest and attorneys' fees of $66,397. Source: Alabama.com
According to media reports, Schrenker's small plane crashed in the Florida Panhandle Sunday night. He had reported turbulence, and said his windshield was blown out. Authorities said he exited the plane as it flew over Shelby County on Sunday night.
Schrenker, 38, was last seen early this morning when he spoke to Childersburg police at a store there and said he had been in a canoeing accident with some friends. What a scumbag! He was wet from the knees down, and had no other injuries, according to a statement released by Wendell Hall, the sheriff of Santa Rosa County, Fla., where Schrenker's plane crashed.
Authorities said he was identified by the Childersburg officer as Schrenker through his driver's license and also had some goggles that looked like they were made for "flying," Hall said. Oops, he just forgot that tiny detail. The truth will always come to light. Schrenker has now found himself in a lot more trouble than he had bargained for. What a shame. To add insult to injury, his wife, Michelle, had filed for divorce Dec. 30. And three companies registered in Indiana by Schrenker, including Heritage Wealth Management Inc., plus Heritage Insurance Services Inc. and Icon Wealth Management, are being investigated by the Indiana Secretary of State's office, said office spokesman Jim Gavin. These rich scumbags are just coming out of the woodwork, one after the other. Whew. Who's next?
CAUGHT!!!! The punk was caught in Florida with his wrists slit.
UPDATE
This is better than a soap opera. I hope they catch this man before he kills himself.
Another clue has surfaced: Schrenker had apparently parked a red Yamaha motorcycle with packed saddlebags in a storage unit about 7 miles away from Childersburg. By Monday, the motorcycle was gone and Schrenker's still-damp clothes were in the storage unit when investigators got there, Marty Keely, U.S. Marshal for the Northern District of Alabama, told The Birmingham News.
Keely said Schrenker rented the unit on Saturday, paying cash, and told the manager that he would be back for his belongings on Monday. Meanwhile, in Indiana, Schrenker's neighbor Britt said he received an e-mail Monday night from Schrenker claiming the crash was an accident and saying he wanted the companies under investigation to succeed. Britt believes the e-mail is real, but its authenticity hasn't been verified.
The U.S. Marshals declined to say if they believed the e-mail was authentic. Britt said authorities asked him not to make it public. Britt quoted Schrenker as saying, "I embarrassed my family for the last time." He turned the e-mail over to authorities, fearing it was a suicide note.
In the e-mail, Britt is asked to set the record straight and Schrenker says he's stunned after reading coverage of the case on the Internet. According to the e-mail, the accident was caused when the window on the pilot side imploded, spraying him with glass and reducing cabin pressure. "Hypoxia can cause people to make terrible decisions and I simply put on my parachute and survival gear and bailed out," the e-mail reads.
U.S. Marshals spokesman Michael Richards in Birmingham declined to detail where agents are looking or how the search is being conducted. But investigators in Florida said Schrenker faces a host of possible charges if he deliberately abandoned the plane. "You just can't let an unmanned aircraft just maliciously fly into a residential area without facing any consequences," Santa Rosa County Sheriff's Office spokesman Scott Haines said on the CBS "Early Show."
Schrenker lived a high-flying life as an investment manager and an experienced recreational pilot with the nerves to pull off aerial stunts. In a video posted on YouTube, he is shown boldly completing a daredevil maneuver in the Bahamas, flying underneath a bridge. He bought luxury automobiles, two airplanes and a $4 million house in an upscale neighborhood known as "Cocktail Cove," where affluent boaters often socialize with cocktails in hand. Source: AJC
This man is a sociopath and he is wasting precious and scarce resources in this massive manhunt for him.
Why rich people will harm themselves when they run into money troubles is beyond me. The latest Madoff knock-off to try bodily harm is Marcus Schrenker, whose company, Heritage Wealth Management Inc. was issued on default federal judgment and ordered to pay OM Financial Life Insurance Company $533,564 . According to the Indiana Secretary of State's office, Schrenker is president of the company, which is based in Indianapolis. To make matters worse, Schrenker intentionally abandoned his plane Sunday over Alabama.
In May of 2007, Baltimore-based OM Financial Life Insurance Company filed suit against Schrenker and his Heritage Wealth Management company claiming "unjust enrichment." The company claimed the defendants repeatedly failed to pay back unearned commissions they received relating to OM Financial products. The defendants sold insurance and/or annuity plans for OM Financial.
"Defendants have refused to return, and did not return, the $433,314 in commissions paid to them by OM Financial arising out of products that were surrendered, lapsed, reversed and/or free-looked within the chargeback period," an amended claim reads. The judge also ordered the company to pay $33,852 in interest and attorneys' fees of $66,397. Source: Alabama.com
According to media reports, Schrenker's small plane crashed in the Florida Panhandle Sunday night. He had reported turbulence, and said his windshield was blown out. Authorities said he exited the plane as it flew over Shelby County on Sunday night.
Schrenker, 38, was last seen early this morning when he spoke to Childersburg police at a store there and said he had been in a canoeing accident with some friends. What a scumbag! He was wet from the knees down, and had no other injuries, according to a statement released by Wendell Hall, the sheriff of Santa Rosa County, Fla., where Schrenker's plane crashed.
Authorities said he was identified by the Childersburg officer as Schrenker through his driver's license and also had some goggles that looked like they were made for "flying," Hall said. Oops, he just forgot that tiny detail. The truth will always come to light. Schrenker has now found himself in a lot more trouble than he had bargained for. What a shame. To add insult to injury, his wife, Michelle, had filed for divorce Dec. 30. And three companies registered in Indiana by Schrenker, including Heritage Wealth Management Inc., plus Heritage Insurance Services Inc. and Icon Wealth Management, are being investigated by the Indiana Secretary of State's office, said office spokesman Jim Gavin. These rich scumbags are just coming out of the woodwork, one after the other. Whew. Who's next?
Art Nadel (far right) and his wife Peg out on the town