Sarasota Hedge Fund Manager Ordered Held Without Bail

In denying bail, U.S. Magistrate Mark Pizzo said he was concerned about Nadel's access to "millions and millions and millions of dollars." He also said Nadel had not provided a sufficient explanation as to his whereabouts while missing.

As much as $300 million is missing from funds Nadel controlled, officials say. He is accused of exaggerating the amount of money in his investment funds and transferring millions of dollars of investors' money to his bank accounts.