Mealey's Banking & Finance - 11th Circuit Upholds Ponzi Ruling, Reverses Interest Decision

Mealey's Banking & Finance - 11th Circuit Upholds Ponzi Ruling, Reverses Interest Decision

ATLANTA - The 11th Circuit U.S. Court of Appeals on June 2 affirmed a federal court's award of nearly $1 million to the receiver of hedge funds operated as a Ponzi scheme by Arthur Nadel but reversed its denial of prejudgment interest, finding that a magistrate judge abused his discretion in making the recommendation (Burton Wiand v. Vernon Lee, et al., No. 13-10448, 11th Cir.; 2014 U.S. App. LEXIS 10154)

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