Warren D. Nadel, Warren D. Nadel & Co., Registered Investment Advisers, LLC

SANCTION AMOUNT: 13070389.19

Defendants: Warren D. Nadel & Co., Registered Investment Advisers, LLC
Warren D. Nadel

This sanction was awarded after the Commission won its motion for partial summary judgment against Defendant Nadel and a broker-dealer (WDNC) and an investment adviser (RIA LLC) that he controlled, in a case alleging, inter alia, that Nadel fraudulently induced clients of RIA LLC to invest in a purported liquid, cash management investment program. Under the program, preferred utility securities were to be bought in the open market and held short-term in order to generate either dividend income or capital appreciation. Instead, Nadel allegedly simply executed cross trades with the securities at made-up prices.