Police have launched an investigation into the disappearance of Art Nadel, a money manager whose Sarasota, Fl.-based Valhalla Management is under investigation for investment and asset theft.
Nadel’s wife reported him missing in the afternoon on Wednesday, according to Lieutenant Chuck Lesaltado of the Sarasota County Sherriff’s office. Two days later Sarasota police launched an investigation into Nadel’s investment firm for investment and asset theft.
Nadel reportedly left a note that was recovered after his disappearance. Sarasota authorities would not confirm what was written in the note, but would say that Nadel’s car, a green Subaru, is also missing.
Sarasota Police Captain Bill Spitler said that detectives began investigating the firm Friday.
“We’re dealing with a substantial amount of money that has reportedly been taken from many investors,” Spitler said.
Spitler confirmed that some of the victims are “very high-profile people in the Sarasota community and throughout the state; they had invested money and at this point they have been told the money is gone.”
As of now there is no indication of this firm’s investments having any ties to Bernard Madoff’s who is suspected of defrauding investors for as much as $50 billion.
“We’re not using the word Ponzi scheme,” Spitler said.
Sitler went on to tell FOXBusiness.com that he has gotten calls from victims across the United States who say they called Valhalla to check on the safety of their investments after news of the Madoff investigation broke.
“They were told that their money was safe and now they’re finding out that it may not be,” Spitler said.
Investors associated with Valhalla Management should contact the Sarasota Police Department.
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