TAMPA, Fla., April 3, 2012 (GLOBE NEWSWIRE) -- Wiand Guerra King, the Tampa law firm of Receiver, Burton W. Wiand, announced today that it had reached amicable settlements with two Sarasota-area charities regarding claims by Receiver Wiand for the return of illicit proceeds of Arthur Nadel's Ponzi scheme that had been donated by Mr. Nadel and his wife to local charities. Receiver Wiand noted regarding the settlements that "these are difficult cases as these charities do good works in our communities and those activities must be balanced with the plight of innocent investor-victims of Arthur Nadel's Ponzi scheme."
The recent settlements were approved by the United States District Court and involved a $75,000 payment by the YMCA Association of Sarasota, Inc. and a $140,000 payment by the Jewish Family and Children's Service of Sarasota-Manatee, Inc. These sums represented a negotiated amount between Mr. Wiand and the charities that took into account the amount of illicit proceeds contributed by Arthur Nadel and his wife and the financial abilities of the charities, particularly in light of the activities of the charities in the Sarasota community. Mr. Wiand stated that "I applaud these two charities who recognize not only their own self-interest in providing the community services in which they are involved, but also acknowledge a greater community responsibility to help mitigate the damage created in the Sarasota area and elsewhere by Arthur Nadel."
The responsible actions of these charities stand in stark contrast to those of other community organizations that have gone to great lengths, both legally and in the legislature to attempt to be able to retain the illicit proceeds they received from Arthur Nadel and his wife. These organizations have attempted to justify their actions by arguing that their particular mission justifies their retention of stolen proceeds. Mr. Wiand further indicated "it is regrettable that certain charities believe their million dollar budgets do not allow them to make a meaningful contribution to repay the retirement savings of innocent victims whose lives have been devastated by Nadel's actions." For further information, contact Burton W. Wiand at Wiand Guerra King P.L. in Tampa, Florida at 813.347.5100 or bwiand@wiandlaw.com.