Posted On: 12/20/2016 3:17:25 PM
Post# of 4611
Several New York hedge funders have been arrested and charged with $1 billion fraud
Nate Raymond, Reuters
Dec. 19, 2016, 10:09 AM
NEW YORK — The founder of the New York-based hedge fund Platinum Partners was arrested Monday as prosecutors unveiled an indictment charging him and six others with participating in an approximately $1 billion fraud.
Mark Nordlicht, Platinum's founding partner and chief investment officer, was taken into custody at his New Rochelle, New York, home in connection with charges contained in an indictment filed in federal court in Brooklyn.
Others arrested included David Levy, Platinum's cochief investment officer, and Uri Landesman, the former president of the firm's signature fund, FBI spokeswoman Adrienne Senatore said.
Platinum is liquidating its hedge funds, two of which have received bankruptcy protection.
The indictment said that since 2012, Nordlicht, Levy, and Landesman schemed to defraud Platinum investors by overvaluing illiquid assets held by its flagship fund.
http://www.businessinsider.com/platinum-partn...ud-2016-12
Nate Raymond, Reuters
Dec. 19, 2016, 10:09 AM
NEW YORK — The founder of the New York-based hedge fund Platinum Partners was arrested Monday as prosecutors unveiled an indictment charging him and six others with participating in an approximately $1 billion fraud.
Mark Nordlicht, Platinum's founding partner and chief investment officer, was taken into custody at his New Rochelle, New York, home in connection with charges contained in an indictment filed in federal court in Brooklyn.
Others arrested included David Levy, Platinum's cochief investment officer, and Uri Landesman, the former president of the firm's signature fund, FBI spokeswoman Adrienne Senatore said.
Platinum is liquidating its hedge funds, two of which have received bankruptcy protection.
The indictment said that since 2012, Nordlicht, Levy, and Landesman schemed to defraud Platinum investors by overvaluing illiquid assets held by its flagship fund.
http://www.businessinsider.com/platinum-partn...ud-2016-12
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