Condo land might be impacted by Nadel saga

dmarsteller@bradenton.comJanuary 23, 2009 

MANATEE — A vacant parcel that was to be a condominium complex’s next phase could become ensnared in the Arthur Nadel saga.

Public records show Nadel, the Sarasota hedge fund manager whose disappearance has led to investigations by the FBI and the Securities and Exchange Commission, was an officer of Summer Place Development Corp.

The company won preliminary Manatee County approval last year to build a 30-unit expansion of the existing Summer Place Condominiums.

The 43-unit complex is located on the west side of 15th Street East, immediately south of the Manasota Memorial Park cemetery.

However, the 6.5-acre parcel remains undeveloped and possibly could be subject to seizure by the SEC, which has accused Nadel of securities fraud and obtained a court order freezing his assets.

While the company’s annual reports listed Nadel as a director, secretary and treasurer, it’s unclear what involvement he had in the company.

A longtime resident of the complex, who would identify herself only as Peggy, said she understood Nadel was brought in as an investor.

The SEC is accusing Nadel, 76, of misleading investors and overstating the values of six funds he managed by roughly $300million. Nadel was principal in Scoop Capital LLC and Scoop Management Inc., both operating out of an office on Sarasota’s Main Street.

Nadel disappeared Jan. 14, the day he was scheduled to deliver a $50 million redemption to investors after the funds suffered losses in October. His car was found the following day at Sarasota-Bradenton International Airport.

Investigators said Nadel left behind a note to his wife expressing remorse and threatening to kill himself. He also recently transferred $1.25 million to two accounts he secretly controlled, the SEC said.

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