Securities and Exchange Commission v. Nadel et al

Filing 745

RESPONSE re #733 Order filed by Wells Fargo Bank, N.A., as successor by merger to Wachovia Bank, N.A.. (Attachments: #1 Exhibit, #2 Exhibit, #3 Exhibit, #4 Exhibit, #5 Exhibit)(Barnett, Ana)

EXHIBIT

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Case 1:09-cr-00433-JGK Document 1g

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UNTTED STATES DISTRTCT COURT
SOUTHERN DISTRTCT OF NEW YORK

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TJNITED STATES OF A}ÍERICå,

-v. ARTHUR

G.

fNDfeT:¡,fENT

NADEL,

oE'eî.

Defendant.

r:OCl.iMgNT

eiÈonoNIcALLY

(Securitles
The Grand .Tury charges:

Fraud)

FILED

DâTE

Relevant, Ent,ities and Ind,ivÍduals

r-- At certain times rerevant to this rndicÈment, scoop
Management, rnc., was a generar partnershÍp with
its principal
place of business in sarasota, Florida.
2. AÈ certain times relevant to thi-s rndictment, scoop
capital LLC was a g'enerar pa.rtnership with it,s principal place
of
business ín Sarasota, Florida.
3At certain Eimes relevant, to thÍs rndicÈment, scoop
capitar LLC was the general partner of victory rRå, Fund
Ltd.,
scoop Real Estate Lp, and victory Fund rJtd,. victory
rRÃ, Fund Ltd.
was a limited partnership with its principal
pJ.ace of business in
sarasota, Florida- scoop Rear Estate r,p was a limited
partnership
with íts principaÌ place of busíness in sarasota, Florida.

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Form No. USA-33s-274

20d

(¡a. 9-25-sg)'

T'ðTTTED STATES DTSTRTCT COURT

SOUT¡¡ERN DISTRICTi OF ![BW YORK

ttlIrTED srÀrEg oF At[ERrCå,

-v.
.ARTI¡UR

G.

NADEIJ,

. Defendaat.
x¡IDrCTI{EÀIT

09 Cr.

(Títle 15, United -States Code,
SectLons ZBj (b) and ZBff ì
Title 17, Code of Federal- Regulatlons,
SectíonE 240.10b-5; añ¿
TltLe 18, United States Code, Sectíons 2,
37L, l34l, and j-343 ; )
L.

DASSTN

TRI'E

BTÍJIJ

IJEV

Acting United States Attorney.
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.IJNITED STATES DISTRICT
COURT
SOI THERN DXSTRTCT OF NEW YORK

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ïINITED .gTATES OF'

ÃIVÍERICA

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TIÙDTCTTqE¡IT

NÀDEL;

09 Cr.

Ðefendant

COU¡TTS ONE THROUGE STX

(SecurÍties

fhe Grand ilury

(

,

Fraud).

charges:

. 1. At cerÈain t,imes relevant. to thís rndfctment,, scoop
¡'lanagemerxt, rnc., .was a generar partnershÍp with its príncipal
pJ.ace of busíness Ín Sarasota, Florid.a.
2, At certaln tlmes rerevanÈ to this rndictment, scoop
capital Lr¡c was a general partnershíp wÍth ít.s prÍncipal. place of
business in Sarasota, r,toiͿa.
3. AE certaín tímes releva¡rt to this rndíctment, scoop
capital LLC was the generar partner of. víctory rRA Fund
"au.,
teal Estate Lp.,
VicEory
frUa. VÍct
.t""op Real Eslate LPr and vicEory zuna r,ua. vÍctory rRA Fund IJtd.

'waE a limft,ed partnership w$Èh its principal place of busíness
in
' sarasota, Florída. scoop ReaI EsËate
rJp vras a limited partnership
wiËh

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íts príncipal- place of businese Ln sarasota, Florida..

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Vietory Fund Ltd. was a limited, paqtnership wi.th its princípal
pla:e of business ín Sarasota, FLorÍda.
4. At cerËain È,imes releva¡¡t to thís rndictment,
.valhalla ManagemenÈ, rnc., was a general partnérshÍp with its
princípaJ. pJ-ace of 'business in Saragota, Florida. Valhal1a
I.nc.., was the general partner of Valha]-la Investment
ParLnèrs, whÍch rÀtas a IÍmited. parËnership, wÍth its pri.ncipal
place of business j-n Sarasota, FlorÍda.
Management,

5,

,

Àt certain .limes releva¡¡t to thÍs fndÍctment,
víking Management I¡LC was a límited líabÍl-ity company with Íts
pttrcípaI place of busineSs Ín Sarasota, FJ-orÍda. .VÍkíng
Manegement LLC was the general partner of vikÍng Funq, LLc, and.
íkÍng rRA Fund, IJLC, which were l-imited.'partnerships formed on or
about, March 15, 2ooL, wÍth thefr princÍpal pJ-aces of business .in

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Sarasota, FLorÍd.a.

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At aLl times relevanË to this rnd.ictment, ARTIIUR c.
NÀDEI¡; the defendant, t"" t""ponsÍble for the purchases and. sales
of securities in the following lirvestmenË funds, (a) Victory IRA
Fund Ltd-; (b) scoop Rear Estate Lpr (ç) victory Fund Ltd.;
(d) Va1halla fnvestment,'Fartners; (e) VÍking Fund,
FLC; and,
(f) Viking fRA.Fr:nd, LLC (collectÍvely the ozunds"). NADEI¡ atso

controlled, operated, and managed scoop Management, rnc.,
Scoop

Capital- LLe.

and

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at least in oi about 1999 through in or

cranuary 2oog, .ARTHUR G.

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about

the d,efendant, purclrased and sord.
selurities in the F.unds throúgh the New york, New york, office of
NAÐEIJ,

a. brokerage f Írm ( \Brokerage Fium,, ) .

At aIl tirnes relevant te

this

Jnd-icÈment, NADEL executed tradês based. on an exchange traded
fund Iísted on t'he Natíona1 ÀssociatÍon of securiÈies DeaLers

å.utomaled Qnof"tj.ons ("NÀSDAO,) Ehat was intended

to track

the

ÌTASDAQ índ.ex.

to Defraud
8. From at Least in or about 1999 through Ín or about
rJanuary 2009, ÀRTHUR G. NADEt, the d.efendant, perpetrated a scheme
tro d'efraud the investors of the F\rnd,s by solicíÈíng hundréds of
míI1íons, of dolrars .of funds uird,er false pretenses, faÍJ_Íng to
i-nveet trhe money as promised, fal-sely craimÍng that his purchases
anp sales of securities resurted in hígh rates of returns, and
misappropríat'1ng and convertfng investor funds for his own benetj-t
and the beneflt' of others without the knowledge and authorfzatíon
of ínvestors
9. To execute the scheme, ARTHUR G. NADEL, the
defend,ant, ,solicÍted and cauged others to sorícit, prospective
cr.Íents to' invest theÍr money in. the Fund.s based upon, among other
things, hís. fa.lse rt-r"*.r.ts that: (a) the investor tunds would be
used Èo purchase and, sell securitj.es; (b) Ehe performance of each
of Ehe Fr¡nds wa's consísUently posj-tive; and (c) the net asset
The Scheme.

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varue'of each of the Funds was tens of mirríons of dollars
ira parù, on these misrepresentations trom in or abogt

.'Based,

through in. or about

r.Tanrrary

r.999

'2oog, clients
invested aÈ least

approxiqnetely g360 m{I1ion

into the Funds.
10. fn tsruth and i¡r facE, as ARTHUR G. NADEL, the
defendant, well knew, these representations v¡ere. false.
Notwíthstanding NAÐErr, s statement,s bo Lhe contra.ry. and
notwiLhsÞnding false representations that NADET made. and, caused
to be made on invesËor'account statemer:ts and other d,ocuments sent
thfough the llnited States Postal Ser:r,¡ice (ttre ..postal. ServÍce,,)
.'to
investors Ín ttre Funds throughout the operatíon of this scheme.
mísappropriated. í¡rvestor fund.s and converted them for
personal use for irïAÐEr,, NADET.¡,s famiry, and. NADEL,s businesses.
NADET

Moreover; notwíthst,anding NADEI,,s statements

to investors and
others thaË' eactr of the 'Funds had. consistentJ-y positive rates of
'return of between approxímately 19 percent and 4g percent
each
vear,. tl¡e performalce of the Funds was not consj.stently positÍve
and the rates

of return were substantiarty and materÍaIly Iess.
11. From at Ieast,'Ín or about .Lggg through in or about

January 2OO'9, ARTI{I]R G.. NADEL,.. the d.êfenda:nt, also falsely
fepresented to investors that, his purchases and sales of

securÍties ín the Fund,s'þad generated cumuLatívery more than

million ln gains. rn truth
during this peri-od'of time,
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in fact, as NADEL werl knew,
NADETT's trading resulted j.n an overall
a¡rd

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net Loss'in tlre Funds. For example, in or about september 2008,
NADEL cauged- documents 'to be sent to cIÍent,s that stàt,ed
that
tfrere was. approximatery $zo,50o,ooo in totar assets in the
Valhalla fnvestment, Partners LrP, approxímately ç.75,200.000 in

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total. asseEs in victory -Fund Ëtd., and, approximately g65¿300,00'0
in totaL ¿issets in víking Fund Lt¡C. In truth and. in fact, in or
' about September 20o8, Valhalla
rnvestnênt partners.Lp, Victory
Fund Ltd'.,
Viking Fund LLC heLd only â smal'I fractÍon of that
"tt¿
money on behalf of its cfients.
f2. ARTHIIR G. NADEL, the defendant, aceepted. hundreds
of mil-líons of d.ollars of ínvesÈor money, cumul-atir:ry, from
indivíduãI ínvestors, charitable organízations, trust,s, an¿ hedge
funds that invested.fn the *rU". F'rom at ]-east in or about 1999
through Ín or about, ilanuary 2oog, the Funds had over 350
ínvestors. F'rom tlre outset of the scheme, and contÍnuíng
throughout, Íts operation, NADETJ obtained, fnvestor funds through
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int'erstate wÍre transfers from financial- institutions located Ín
the Southern Ðistrj.ct of New York and elsev¡here and through
. maíIíngs delíverea fV Ëhê postal Service.
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13. .In eonnection wíth this scheme, .ARTHUR G. NAÐEL,
the defendant, creaEed and caused to be created fal-se and
fraudulent documentE Ínclud.íng, but not, Iimited to, client account
statements that reflecte¿ .tíctitious posítive reÈurns cons.istent
with the reti¡rns that, had been prornlsed Ëo investors in ühe Funds.

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L4. To execrite the

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ùefendant, represented a¡rd

siheme,. ARTHUR G. NåDEIJ, the

caused,

others to represent to lnvestors

þhat each of the Funds was operated and managed separate.ly. rn
.utruth a¡rd in fact, as NJtDEt well knew, NADETT managed, purchased
å.nd sold securities wíthin, and. treaÈed. Èhe Fr¡nd.s as, a singre.
a-ccount regardress

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of the Ft¡nd .in. which cfienÈs had invested.

.ARTHUR

G.

NAÐETJ,'

the defend4nt, received

a

fee of one percent of the net asset value of each of
Ëhe Fund.s and 'a performance íncentive fee of l-2.5, percent of. arl

managiement

of the profits, after subtractj.on gf fees and, e:çenses, earned
from Ëhe investment,s in the Fund.s. From at, least, fn or abouL 1999
up through and incruding at least .ín'or about 2oog, as a resurt of
IGDEIT's false fepre.sentsations regarding the perfottr¡ance of each of
the Funds and tstre net asset value in each of the Fr¿nd.s, NÀDEL
fraudulently received tens of millions of dollars ín rnalagement
fees and. performance incentive fees thaÈ did. not refrect the
aetual performancê, or ttre net, asset, val.ues of , the Funds.
In.addÍtíon Èo receivíng a management fee and a
performa¡ce incentive fee, .ARTIIUR. G. NADEL, the defend.ait,
transferrêd. and caused to ¡e transterred. míllions of doLlars of
inwestor money in the Fr:rlds to accounts and enttties owned anil/or
controlLed by NADEIJ.. Ttre investors Ín the Funds díd not authorize
xaDEr, to make these' pransfers, and NADEr., failed'to discLose the
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transfer of these fund,s to accounts and. entities that, he owned,
and/or conLrolled to investors
statutori elleqation
L7. On or about the daLes set forttr.below, Ín the
southern Distrlct óf New York and. elsewhere, ÀRTIÍUR G. NADEL, the
.
defend.ant,, r:n1¿wful1y, wi]J.fully, ,nd'.knowíng1y, direct,Iy and.
'
indirectly, by the use of means and ínstr'umentalities of
. interstate commerce, and. of tlie maÍIs, and of facílities of
nationar securítíes exchanges, in connect,fon with the purchase and
sale of securities, did.use a¡rd'employ manipuJ.aÈive and deceptive
devÍces and'contrívances, in vioratÍon oi Title J.7, code of
Fede:ial Regrulations, Sect,ion Z40.lOb-5, by,. (a) empJ-oying d.evices,

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art,ífices to d,efraud,; (b) makíng ,,rirrro" sEat,ements of
. materíal facts and. omitting to sEate materfal facts necessary in
order to make the sta.cêments made, ín light pf the circumst
u¡rder whícn tfrey were made, not misleading;'.and (c) engagíng ín
transactions, acts, practfces, and. courses of busíness which
' oPeraÈed and wouLd operate as a fraud and.
d.eceit upon. petîsons, to
wit, NADEIJ made false and mfsleading statements that induced
investors to ínvest, their money ín the Funds lísted, below:
schemes, and.

colt¡frr

FUND

ONE

Fron at leasÈ in or about 2003.
through in or about ilanuary ZOO/

VÍctor.y
Ltd.

TWO

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APPROXIMATE DAIES

From

at least in or

a-bout, 2OO4

lhrough in or about rJanuary

2OOg

IR.A, Fund

Scoop ReaI EstaËe

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From

at least in or

about.2OOL

through' in or about ,January 2OOg
.From at'least in or about 1999
through in oi qbout ,January 2OOg
From

at least in or

abouÈ 2Oo1

through in or about, ,Januarlr 2OO9
From at least ín or about 2001
through in or a^bout. ,fanuar¡¡ 2OAg

Valhalla

InvestmenÈ

Partners
VikÍng Fund, LtC

Viking IRA Fund: tr,c

(TiËIe l-5, United States Code, Sect,íons Zgj (b) and. TSff;
17, cod.g of Federal RegulatÍons, sect]ion 24o.1ob-5;
.TiÈle 18, United SÈ,ates Code, SecËíon 2.)

Ti-tJ-e

COUTÙT SEIüEN

(tttail Fraud)

.

The Grand ,Jur?

further

charges:

18- The ãrlegations contained ín paragraphs J. through
t6, at'ove, are hereby repeat,ed, reaJ.reged, and incorporätea by
reference as if fulIy set, forth herein
19 - From in oi a-bout 2092 through in or about December
.
2008, ín the southern District of New york and elsewhere, ARTHUR
G. NADEL, the defendant, unlawfully, wål1fuJ.ly, and knowíngJ-y,
having devised. and, lntend.íng to devise a scheme and, artífice to
'defraud, and,.for obtainíng money and pùoperty by means of false
and. fraudulent pretensês, representatíons, and promises, for the.

of executing such scheme and'arLifÍce a¡rd attempting to do
so, dÍd place.ín'poEt offíces and authorized depositoríes for mail

purpose

matÈer, matters a¡rd. things Èo be sent and, d,elivered by the postal
senlice, and dÍd. d.eposit a¡rd cause to be deposíted matters and

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things to be sent, and. delÍvered by prÍvate and commercíaL

Ínterstate carrÍers, and did Èake and receive therefrom sueh
natters and thing.s, and dÍd knbwingly cause to be delivered,

by

nail and such carrÍersj according to the directÍons thereon, and at
the.,praces at. iùhich they vrere dírected to be delivered by the
persons to wtrom they wqrç addressed, such matters and, things,
to
wit, as part of a scheme to.dèfraud. the fnvestors in the Funds,
NAÐEL sent and'caused to be sent and d.erlvered. via the postal
Servi-ce false and fraudulent aecount statements from the Funds to
investors, some of whom were rocated, in New york, New york.
(Title 18, united states coae, sectíons 1341 and 2.)
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é'ou¡¡rs n¡enr rHRoueH rrrrsgÀT

(Wire ¡.raud)

The Grand, ,Jury

further

charges:

20- The ar.regaÈions contained in paragraphe 1 through
J-6r'above, are hereby repeated, reall-eged, and íncorporated. by

referqnce as if fu1.Iy set forth herein.

ZL- On or
Southern Distríct of

about, Èhe dates seÈ
New

forth þelow, ín

york and eLsewherê,

ARTHTR

G.

the

NADEIJ,

the

defendant, r.rrlawful1y, willfuJ.iy, and knolùingly, having devised
a.nd intending to devise a scheme and artifite to defraud, and for
obtaÍni-ng money and property by means of false and fraudurent
pretenses, representations and. promíses, d.id tçansmit arid eause to

be transmítted, by means of wire, radio, and terevision
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Ín int,erst,ate irnd foreig:r commerce, wrítings, signs,
signals, pícÈures, and .sounds for the puepose of executing such
scheme and. artifÍce, to wít, NADEL caused mo.Jrey to be transferred
by wÍre from New York, New Yorkr.Ëo bank accounts locaüed outside
New York for tTre purpode of executing the scheme to d.efraud the
.investors ín. the funds, as set forth belpw;
communicaËion

coüMr

ÀPPROXI.}ÍATE
DÀTES

DESCRIPTION OF TR,A}ISFER

EÏGHT

03/25/Oe

NINE

a4/02/08

!{ùré transfer of, approxÍmately
$200,000 from New york, New york, to
a bank aècount Ín Florída
lùÍre tra¡rsfer of. approximately
$1001000 from New york, New york, to
a bank account in Florida

TEN.

06/24/08

ETJE\IEN

07/02/o8

TWEL\rE '

oe/22/oe

THTRTEEN

LLl

06

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ftlire tra¡rsfer of approxímately
$4001000 from New york, New york, to
a bank accor¡rrt in FLorida
Wire transfer of approxirnately

$so,ooo fqom New yoik, New yoik, to,a
bank accor¡nt in Florida

Wire tra¡rsfer of approximately
$900,000 from New Yorlc, New york, to
a bank acêount in Florída
lrlire tra¡rsfer of approxímately
$7.5,000 from New York, New york, to a

in FlorLda
l{lire transfer of approxÍmately
$9s0,000 .from New york, New york, to
a bank account ín FLorida
YIIíre Èra:rsfer of approxímately
$U9,000 from New york, Netv yõrk, to
a bank account in Fl-orida
bank accou¡rt

FOURTEEN

L2/ 02/08

FÏHTEgN

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(TiEIe 18, Unit,ed Stat,eg Coa", Sections 1343 and 2.)
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r.ORtrEXTf¡n¡ A¡l-¡EcÀTfON

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- As a resur-t of

or ,more of the
foregoing securiËies fraud offenses, in vio1ation of Title 15¡
22

commíttsing one

United. gÈates Code,. seitions 78j (Þ) a¡rd ?sfÈ, Tit1e 19, united
sËates coder'secÈíon 32L, and Title 1?, cod.ê of' Fed,era1

Regulations, Sect,ion 24O.L0b-s, as al-J-eged in Counts One through
Six of this rndictment,, and the mail fraud offense, Ín violation

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of Title 18, Uníted StaÈes Code, Section 1341, as a1J-eged Ín Count
Seven of this fndictment, a¡rd the wire fraud, offenses, ín
violatlon of TLtle 18, Uníted States Cod.e, Section 1343¡ ãs
alleged in Counts Eight through FÍfteen of this IndictmenÈ, ARTHUR'
G. NADEL, the d.efendanL, shall forfeít to Èhe United, States
pursuant t,o Tit,le 18,, uníted, states'code, secLíon 9g1(a) (1) (c) ,
and Tít,le 28, United'states Code, Sectien 246L, all properÈy, real
_ì
and personal, that êonstítuteE or Ís derived from proceed,s
traceable Èo Èhe commÍssion of the fraúd offenses, includfng, but
not lÍmited to, the following:
a. At, least approxímat,eJ_y $geO míIlion Ín United.
states eurrencli, ín that such sum in aggregate is property
representÍng the amount of proceeds obtained as a result of Ehe
"charged securít,ies fraud, mail fraud, a¡rd wire fraud offenses;

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b. .Any and all funds on de¡rosit in Account No.
2840109316 held' Ín the name of MargueriEe .1. Nade]. Revocal¡Ie Trust
at Northern Trust, N.A.;
c'. The rear property and. appurÈenances known and
described as 3966 cor:ntry view Ðríve, sarasota, Fròrida;
d. The real property and appurtenances known and
d.eseribed as L5s76 ¡'ruitvÍlIe Road, sarasoËa, Frorida;
e. The real propérty and appurtenances known and
:.
.

described L31 Garren creek Road,. FaLn¡Íew, North Carolina¡
'f- The real property'and appurtenances
known and
descríbed' as approxímabely acres and

of

forty-five lots in the name

I LIrC, in Thomasville, Georgía;
g. ilhe real property and appurtenances

Scoop Capítal

.

f

known

and.

d'escribed as. approxímately thÍrty-seven acres.in the name of Scoop
Capíta1, LLC, in Grady.County, Georgia;

h.

known

right, titie,

interest in the entity
and described as the Venfce ,fet, Cent,er located. in Venice,
À11

and.

Florida;

t.

A1l rlghÈ, tÍtIe., and ínt,erest in the entities
known and descríbed aa taurel Mountaí:r presen¡e, LLe, r,aurel
Preserr¡e , L],lc, and ïraurel Mor¡ntain preee¡¡¡e Homeowners
Association, fnc., lncludfng, but not 1ímí.ted to, 420 acres in
Buncombe

county a¡rd McDowell county, North carolina;

.L2

:

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j.

righË, tiËle, a¡rd.interest in the entity
known and. descrfbed'as Tradewind., LLc, includÍng, but noË rimited.
to, five aírpranes, one herí.opt"r,-, and, thirty-onê airport
hangars, located in Newnan-coweta county Airport, GeorgÍa; and
k.. All ríghL, title, and, ínt,erest Ín the ent,ity
known.and descrÍbed as the Guy-Nade1 For¡ndatipn, rnc.
A1tr

Sr¡ib.Etftute .â.sset,E provísion

23.

If any of

Uhe above-described

forfeitable property,

as a resulÈ of any act

a.
'

.or omission of the d.ef endant:
caffiot be Located upon the exercise of

due

d.i].igetrce;
has been

transferred or

c.

fras been

placed beyond the jurisdÍction of the

d.
e.

has been substantially dÍmínlshed in value; or
has been commíngléd, wÍth other property which

so1d.

to, or deposited

wítrh, a thírd party,.
'court;

ca¡1not be

t'

dívided without dífficulty;

13

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iE is the intent of the united states, pursüant to Title 21,
ûnlted. states cod,e, secÈíon 8s3 (p) , to séek forf,eiture of arry
.other property of the defenda¡rt up to the value of the forfeitabLe
property described above
(?ítl-e 1.5, Itnited SÈates Code, Sgctions Z8j.(b) and Zgff ì
Title J.7, Codè of Federal Regulatíons,
Section 240.10Þ--5; TítIe 18, UnÍted States Code,
Sect,ions 9er(a) (1) (C), 1341, and 13aj;
Title 21, United States Code., SectÍon 853 (p) ; and
Tit,le 28, United States Code,. Sect,Íon 246l-.1

D.A.sSIN

Acting Uní.ted Stat,es Attorney

f

L4