Holland & Knight sued over Nadel fraud
MIAMI - A cheated investor caught up in the hedge fund fraud scandal perpetrated by Arthur Nadel is suing his law firm Holland & Knight in a class action lawsuit.
The litigation alleges that Holland & Knight, which served as counsel for the Nadel fund and prepared investor memoranda for it, turned a blind eye to the fraud and should have reported the Ponzi scheme earlier. Nadel was charged by the US Securities and Exchange Commission on January 21 this year with lying to investors about the value and performance of his six hedge funds, overstating their size by an alleged $300 million. Holland & Knight says it will vigorously defend against the lawsuit.
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