One of the notable aspects of the Bernie Madoff case is that very few people knew who he was. Despite his stellar gains, he never got any kind of public recognition. The only articles about his performance were skeptical, like the ones in Barron's and Mar/Hedge.
Conversely, one of the newly emerge Mini-Madoffs, Art Nadel, actually was recognized as a top US money manager, in 2003. The award was given by newsletter The Wall Street Digest, according to Reuters.
Some, like 68-year-old Tony Hagar, say they were drawn to his funds by The Wall Street Digest and the upbeat report by its editor, Donald Rowe, and now question how much due diligence the investment newsletter industry conducts.
"He seemed to indicate that they were a reasonable investment. They put out a letter that says these folks have done substantially well, and that Don Rowe had looked at them closely," said Hagar.
Hagar is right to wonder how much due diligence was done here. We're guessing none to little. So far this no mention of Nadel or his award at The Wall Street Digest's "In The News" section of their website.
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