Bloomberg reports that Arthur Nadell or Sarasota, Florida - reportedly the manager of Scoop Management which ran at least $350 million through entities including Valhalla Investment Partners - is missing, leaving a suicide note for his family.
Nadell, 76, has a lifetime of investment experience and is reported to have founded Scoop in 1999. Once more, post Madoff, we have another likely example of a long standing fund which proves to be fraudulent. It is also notable that, while tiny by comparison to Mr. Madoff, if Scoop does turn out to be a fraud, then it will be much the same size as Bayou, Lancer and Beacon Hill which, until 2008, were the largest frauds of hedge fund history.
Scoop Management will, unfortunately, not be the last fraud which is uncovered before this cycle is finished.
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