Nadel victims get $1M more

SARASOTA — Victims of Arthur Nadel's multi-million dollar Ponzi scheme had slightly more than $1 million added to the pool of receivership funds being put together by attorney Burton Wiand today.

Nadel was sentenced to 14 years in prison last October for causing $162 million in damage to hundreds of Floridians.

The James River Diversified Fund LP, the James River Multi-Strategy Fund LP, and Paul Saunders, the funds' manager, will pay a combined $1.07 million in settlement funds, representing the total alleged profits earned from working with Nadel.

Wiand has recovered roughly $15 million in payouts from former Nadel clients to date.