Bond was set today in federal court in New York for Arthur Nadel, the Sarasota hedge fund manager accused of defrauding investors out of hundreds of millions of dollars.
Nadel will be freed on a $5 million bond after meeting certain requirements, officials with the U.S. Attorney’s office in the Southern District of New York said. Among the requirements are that the bond be secured by $1 million in cash and the signatures of four financially responsible individuals that have a close relationship to Nadel.
Nadel must also cooperate with the federally appointed receiver in the case and limit his travel between the Southern District of New York and the Middle District of Florida, authorities said.
He also will be subject to electronic monitoring.