Moody's Valhalla Management said it contracted with Nadel's Sarasota-based Scoop Management to invest funds branded as Valhalla, Viking, and Viking IRA. The Herald-Tribune said Moody told investors in a statement this week that the funds may have "virtually no remaining value."
The paper said Moody had contacted the U.S. Securities and Exchange Commission and other authorities to report the situation.
In a statement issued on Saturday, Valhalla Management characterized Nadel's last message as a suicide note.
"It appears, however, that he is likely still at large. It also appears that he has engaged in improper and unauthorized activities," the statement said.
"The owners of Valhalla Management, who had contracted with Scoop Management to invest substantially all of Valhalla and related fund's assets, are cooperating with all local and federal authorities to determine exactly what happened."
VICTIMS CONTACT POLICE
Moody, who is also prominent in Sarasota social circles and active in causes ranging from the YMCA to the local symphony, was the founder of Valhalla Management and Viking Management, according to published reports.
Moody's lawyer, James Fox Miller of Boies, Schiller and Flexner, issued a brief statement via e-mail saying that Moody and his son, Christopher, were also victims of Nadel.
"Our clients Neil and Christopher Moody just learned that they, along with many others who invested monies with Arthur Nadel have been victimized by his unauthorized and inappropriate actions," it said.
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