Victims of the Ponzi scheme that landed Arthur Nadel in prison until his death last month will receive 26-million dollars.
It’s the initial distribution of money in the case, authroized by a federal judge late Monday. The payments represent about 20% of the claims the judge has approved. The federal administrator in the case says attempts to recoup more money for victims are ongoing. There have had to be a number of additional lawsuits filed to recover money from th ebanks and businesses that held the money in the Ponzi scheme. Nadel pleaded guilty to 15 federal fraud charges in 2010 and was sentenced to serve 14 years in prison.