Ep 49. The Wizard of Sarasota

The episode "The Wizard of Sarasota" from season 5 of American Greed delves into the story of Arthur Nadel, a hedge fund manager who created an elaborate Ponzi scheme and stole millions of dollars from investors. Nadel was known as the "Wizard of Sarasota" for his ability to consistently deliver high returns and attract clients such as retirees and philanthropic organizations.

However, Nadel's financial success was just a facade as he was secretly using investor funds to pay off other investors and fund his luxurious lifestyle. When the financial crisis hit in 2008, many of Nadel's investors demanded their money back, and he was unable to provide it. It was then that the truth was revealed, and Nadel was arrested for fraud.

The episode uncovers Nadel's background and how he convinced his clients to hand over their life savings. It also features interviews with some of the people who fell victim to Nadel's scheme, including a couple who lost their entire retirement savings and a charity that lost over $11 million.

The show also explores how Nadel attempted to escape justice by faking his own suicide, and how he was eventually caught and sentenced to prison. The episode includes interviews with law enforcement officials who worked on the case and explains how they were able to unravel Nadel's web of lies and deceit.

Overall, "The Wizard of Sarasota" is a gripping tale of greed, deception, and the devastating consequences of financial fraud. The episode serves as a cautionary tale for investors and reminds viewers that even the most successful and respected individuals can be capable of committing fraud.