In what his counsel is characterizing as “a life sentence,” Arthur Nadel has been sentenced to prison for 14 years, stemming from a $162 million Ponzi scheme. Nadel had pled guilty to 15 counts of securities fraud, mail fraud and wire fraud. The sentence is roughly in between the five-year term advocated by Nadel’s counsel and the maximum 24-year term advocated by the prosecutor. Nadel will serve his term at a facility in North Carolina, the same facility currently housing Bernie Madoff. In determining the sentence, the judge considered Nadel’s age and health, but also sought to impose a sentence that would deter future fraudulent conduct such as Nadel’s scheme.
During the sentencing hearing in New York, Nadel gave a brief statement asking the judge for the hope of freedom. Nadel’s wife was too ill to attend, and while his son was present in court, he did not give a statement. One of Nadel’s many victims also spoke at the hearing. He called Nadel “evil” and pleaded with Nadel to reveal any more hidden assets, if he has any. When asked for a comment following the hearing, the victim thought Nadel’s sentence was too light.