A federal grand jury indicted Arthur Nadel, a Florida hedge fund manager, on 15 charges of running an investment fraud amounting to about $360 million, according to court documents released on Tuesday.
Mr. Nadel is in jail in New York because he has not been able to meet conditions for a $5 million bail.
Mr. Nadel, 76, was indicted on securities, mail and wire fraud charges that prosecutors said stemmed from a 10-year scheme to bilk investors. They said in court papers that he had created false and fraudulent client account statements.
More than 350 clients invested more than $360 million with six of Mr. Nadel’s funds and he received tens of millions in fees, the government said.
The case has been compared with those of Bernard L. Madoff and Marc Dreier, who were both arrested in December after their schemes crumbled in the market crisis.
Mr. Nadel’s lawyer, Mark Gombiner, said his client would plead not guilty to each of the counts in the indictment when he appears in United States District Court in Manhattan on Thursday.
“Mr. Nadel is a quite elderly man with very serious health concerns, and I anticipate asking the court to reconsider his bail conditions,” Mr. Gombiner said.
Mr. Nadel was arrested on Jan. 27 in Florida but was sent to New York and charged there because he traded through a brokerage firm in the city."