Santander plans to repay Madoff victims (Fund News)
Santander on Tuesday night offered private clients to repay 100 per cent of the investments made in the Optimal Strategic US Equity fund, which was wholly invested with Mr Madoff. In exchange, clients would have to agree not to sue.
SEC charges fund manager Arthur Nadel with fraud (Fund News)
The U.S. Securities and Exchange Commission charged missing Florida money manager Arthur Nadel with fraud on Wednesday and accused him of recently transferring more than $1m to secret accounts he held.
Arthur Nadel, president of Scoop Management Inc. remained missing on Monday. Meanwhile funds invested by and through Mr. Nadel had disappeared along with him.