February 25, 2009 / 5:14 PM / 11 years ago

U.S. judge sets bail conditions for fund manager Nadel

NEW YORK (Reuters) - A U.S. judge set a $5 million bond, house detention and other conditions of bail on Wednesday for accused hedge fund manager Arthur Nadel, who authorities say was on the run for two weeks in January before the FBI arrested him.

Nadel’s lawyer indicated that his client will not be able to meet the conditions of release set by Judge Denise Cote at a hearing in U.S. District Court in Manhattan.

The judge noted that tens of millions of dollars were still unaccounted for in the case in which investigators alleged Nadel told investors the funds he managed held more than $300 million when they had less than $1 million.

“I don’t think he has a million dollars,” Nadel’s lawyer Todd Foster said after the hearing. “We can come back and ask for an adjustment when the money issues are settled and the accounting is performed.”

Nadel, 76, is based in Sarasota, Florida, but jailed in New York where he has been charged with securities and wire fraud because he traded through a brokerage in the city.

Reporting by Grant McCool

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