Observer Updates 01.07.10

+ Christopher Moody, Nadel associate, sheds assets
Christopher Moody, who ran a hedge fund with alleged Ponzi schemer Art Nadel, is nearing the end of a process in which he is ordered to sell all of his material assets.

Moody and his wife, Tamara, sold their home at 1311 Tangier Way last month for $1 million. The Moodys bought the 3,820-square-foot home for $2.3 million in 2005.

Burton Wiand, the court-appointed receiver for Moody’s assets, said the property was deeply in debt, although he wouldn’t say how much. It was sold in a short sale.

“I’m not talking $100,000 in debt,” said Wiand. “It was significantly under water, and nobody was paying the debt.”

Wiand is overseeing the court-ordered sale of all of Moody’s material assets. He did not know if the Moodys planned to move out of the area. When reached by phone, Moody referred all questions to Wiand.

Sarasota County property records show Moody owns two other homes. One is a three-bedroom home at 1881 Summer Walk Circle. It was purchased for $312,500 in 2005. The other is a two-bedroom home at 2140 Hillview St., which was also purchased in 2005 for $296,000.

Wiand is also the receiver for Neil Moody’s assets, Moody’s father, but he said that process is not going as smoothly. He did not comment any further.

The hedge funds Moody ran with his father and Nadel were supposed to be worth nearly $400 million, but were nearly worthless when Nadel fled town last January.

Nadel will be going to trial April 26, in New York City.

+ Morgans appear in Tampa courtroom Wednesday
John and Marian Morgan, the Sarasota couple charged in a Ponzi scheme, were extradited to Florida Jan. 5 and faced a federal judge Jan. 6, in Tampa.

John Morgan pleaded not guilty during his arraignment. He is back in jail waiting for a detention hearing in which bond could be set.

Marian Morgan only had an initial appearance, during which the judge set her detention hearing for Jan. 8. She is also back in jail.

The Morgans are accused of swindling at least $14 million from investors.

After a June 25 court hearing in Tampa, in which a judge ordered the Morgans to stop their investment activities, the couple flew to Switzerland, and then Sri Lanka.

They skipped a July 16 court date, and a warrant was issued for their arrest.

A month later they were jailed in Sri Lanka, for allegedly trying to pass a bad check. Federal marshals escorted them Dec. 10 to Alexandria, Va., where they were held until this week.

+ Music will continue to play at Mattison’s City Grille
Mattison’s City Grille received an extension to allow it to play live music one hour later on weekdays and weekends.

The City Commission unanimously approved restaurateur Paul Mattison’s request to change city code to allow amplified music until 11 p.m. weekdays and 11:59 p.m. weekends.

Mattison’s City Grille had been playing live music until close (11 p.m. weeknights and midnight weekends) for seven years without any complaints.

But in November, someone made an anonymous complaint about music being played after hours, and police enforced the city code.

That complaint came from the area of Links Avenue and Ringling Boulevard, which is a half-mile away from Mattison’s. The officer noted that he didn’t hear the music until he was right outside the restaurant.