Several investors who lost about $4.5 million combined in the Ponzi scheme Florida fund manager Arthur Nadel allegedly ran have sued Holland & Knight, claiming the offering documents the firm helped Nadel prepare failed to mention several key facts — including that Nadel had been disbarred for fraud, according to the complaint.
The documents in question are so-called private placement memos Nadel prepared to entice investors to throw their money into one of several funds Nadel controlled, according to the complaint, filed in state trial court last week. Federal authorities have since charged Nadel with using those funds to orchestrate a $360 million Ponzi scheme, Bloomberg says.
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