|Published:||Oct 22, 2010 3:19 PM EDT|
|Updated:||Oct 22, 2010 12:19 PM EDT|
NEW YORK (AP) - A Florida hedge fund manager who worried he'd be labeled a "mini-Madoff" after cheating investors of $168 million has been sentenced to 14 years in prison after pleading guilty to securities fraud.
Federal Judge John Koeltl in New York sentenced 77-year-old Arthur Nadel on Thursday. Earlier this year, he apologized for his conduct as he pleaded guilty.
Nadel has remained in a federal jail since his arrest in early 2009. The Sarasota, Fla., man went on a two-week, cross-country trip before he surrendered. Prosecutors say hundreds of clients had invested nearly $400 million with him.
Nadel once compared himself to Ponzi king Bernard Madoff, who is serving a 150-year sentence for cheating thousands of investors out of billions of dollars.
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