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22 Jan 2010

Hedge Fund Ponzi Scammer's Company Sold by Court

Jerry Gillman a director of South American Development Corporation (SADC) has purchased Home Front Homes LLC, a Structural Insulated Panel manufacturer located in Englewood Florida.

In 2006, Art Nadel using a hedge fund Ponzi scheme ended up with the controlling interest in this innovative company when he agreed to invest millions of dollars in the “Green” panelized housing manufacturing Company. Nadel was later arrested on January 27, 2009 after disappearing with over 400 million dollars of his investor’s money. Home Front Homes, and many other companies controlled by Nadel were quickly placed in the hands of a court appointed receiver by the Securities and Exchange Commission (SEC). Home Front’s debts exceeded $3 million when purchased by SADC. Craig said the only issue with Home Front was “Art Nadel”. We plan to remove the word “Nadel from Home Front Homes and re-launch the company in April. Were taking orders now and plan to continue manufacturing award winning energy efficient green housing solutions.

Home Front Homes has manufactured energy efficient environmentally friendly Structural Insulated Panel homes (SIPS) for over ten years. The Home Front Homes “building system” products have won many building and environmental awards including one for innovation and another for its “Green Building System.” The company also won the 2008 Habitat for Humanity Aurora Award. Gillman stated he had been in the General Contracting business in Florida for over 30 years and considered the Home Front Homes System, “The Building System of the Future” for low cost energy efficient housing.