Circle grows around accused swindler

Sarasota financier Arthur Nadel is no longer the only person to be officially accused of wrongdoing in an alleged Ponzi scheme where hundreds of investors lost $400 million.

Nadel's former business partners, Neil and Chris Moody, are now part of that list. The Moodys, father and son, reached a settlement agreement with the U.S. Securities and Exchange Commission Jan. 11 in which they neither admit guilt nor deny securities fraud charges brought by the agency in the case.

SEC officials say the Moodys misled investors as Nadel's alleged scheme took place. As part of the agreement, the Moodys can't work as investment advisers for five years. The SEC can take further financial action against the Moodys.