Florida police are searching for prominent Sarasota, Fla., philanthropist and fund manager Arthur Nadel and are probing the possible disappearance of "hundreds of millions" of dollars, Reuters reported.
Nadel, president of Scoop Management Inc. which oversees funds including Valhalla Investment Partners LP, was reported missing by his family on Wednesday.
Investigators were reportedly told Nadel left his home in a Sarasota suburb on Wednesday morning for work, but later called his stepson and told him there was a note at his house.
"They thought he (Nadel) was distraught," Lt. Chuck Lesaltato, a spokesman for the Sarasota County Sheriff's Office, said.
The Sarasota Herald-Tribune called the note a ‘suicide note.’
Authorities are also investigating complaints from at least five investors in Nadel's funds that their money is missing. The investors could be out by as much as $350 million, according to the Herald-Tribune.
"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," Sarasota Police Capt. Bill Spitler said. "Allegedly it's hundreds of millions of dollars. You're talking about people who have lost the majority of their life savings. We are investigating all of the funds at that place (Nadel's company)."
The Herald-Tribune reported an associate of Nadel’s told investors in a statement the funds "may have virtually no remaining value" and that many are already calling the case a "mini-Madoff."
"I feel abused. I feel beaten. I don't know who to believe," Dr. Brad Lerner, who expects to lose nearly $730,000 in an IRA fund, told the Herald-Tribune.