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Page last updated at 09:05 GMT, Saturday, 17 January 2009

Florida fund manager 'missing'

American dollars
Investors called police with concerns about their money

An American fund manager responsible for millions of dollars of investors' money has been reported missing by his wife in Florida.

Police said they were searching for Arthur Nadel, 75, and investigating his investment company in Sarasota after clients complained of missing funds.

Police described it as "a very significant amount of money".

US investors have been hit by plunging values in some hedge funds, and concerns about a major alleged fraud.

Victims

Sarasota police said Mr Nadel was reported missing after he had sounded "distraught" in a phone call to his family on Wednesday.

Police also said at least five investors began calling on Friday about their money.

"It was brought to our attention that there has been a very significant number of victims with a very significant amount of money that has disappeared. Allegedly it's hundreds of millions of dollars," Sarasota Police Captain Bill Spitler said.

Mr Nadel's disappearance comes weeks after the the arrest of Bernard Madoff, 70, a former chairman of the Nasdaq stock market.

There is no suggestion the two were connected in any way.

But Mr Madoff's arrest, charged with masterminding what may be the largest investor fraud ever committed by a single person, has sent shock waves through the investment community.

In another unrelated case, businessman Marcus Schrenker apparently tried to fake his own death this week because of mounting financial problems.

He has been charged by US federal authorities.

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