Nadel victims to get $26M

SARASOTA — A federal judge authorized the disbursement of $26 million to victims of the Ponzi scheme orchestrated by Arthur Nadel, the Sarasota financier who died in prison last month.

U.S. District Judge Richard Lazzara approved the payments — the initial distribution of proceeds in the case. Burton Wiand, the court-appointed receiver, announced the disbursement late Monday. The payments represent about 20% of the claims the judge has approved.

The funds set for distribution stem from a series of actions Wiand has taken since he was appointed to the case in January 2009. Those include: clawback lawsuits; claims against financial institutions that worked with Nadel; and recovery and liquidation of assets acquired by Nadel, his wife and others involved in the scheme, according to a release.