US SEC charges missing Florida fund manager

WASHINGTON Jan 21 (Reuters) - The U.S. Securities and Exchange Commission on Wednesday charged missing fund manager Arthur Nadel with defrauding investors at six Florida-based hedge funds.

The SEC said Nadel provided false information to investors about the funds' returns and overstated the value of the investments by about $300 million.

Nadel, the 76-year-old head of a Sarasota fund management company, was reported missing by his family a week ago. Two days later investors began complaining to police that possibly hundreds of millions of dollars were missing from the funds he ran. (Reporting by Karey Wutkowski)