This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.theguardian.com/business/2016/dec/19/platinum-partners-hedge-fund-fraud-charges
The article has changed 4 times. There is an RSS feed of changes available.
| Version 2 | Version 3 |
|---|---|
| Platinum Partners: hedge fund bosses face charges in $1bn fraud case Platinum Partners: hedge fund bosses face charges in $1bn fraud case | |
| (about 1 hour later) | |
| Federal authorities said on Monday they were unsealing an indictment charging a hedge fund founder and six others in a $1bn fraud case. | Federal authorities said on Monday they were unsealing an indictment charging a hedge fund founder and six others in a $1bn fraud case. |
| US attorney Robert L Capers in New York City scheduled a news conference to discuss the case against Platinum Partners founder and chief investment officer Mark Nordlicht. | US attorney Robert L Capers in New York City scheduled a news conference to discuss the case against Platinum Partners founder and chief investment officer Mark Nordlicht. |
| Andrew Ceresney, director of enforcement at the US Securities and Exchange Commission, was also due to speak at the news conference. | Andrew Ceresney, director of enforcement at the US Securities and Exchange Commission, was also due to speak at the news conference. |
| Nordlicht was arrested at his New Rochelle, New York, home in connection with charges contained in an indictment filed in federal court in Brooklyn. | Nordlicht was arrested 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 Partners’ co-chief investment officer, and Uri Landesman, former president of the firm’s signature fund, said an FBI spokeswoman, Adrienne Senatore. | Others arrested included David Levy, Platinum Partners’ co-chief investment officer, and Uri Landesman, former president of the firm’s signature fund, said an FBI spokeswoman, Adrienne Senatore. |
| In June, the FBI arrested a longtime associate of Nordlicht, Murray Huberfeld, along with Norman Seabrook, the head of the country’s largest municipal jail guard union. | In June, the FBI arrested a longtime associate of Nordlicht, Murray Huberfeld, along with Norman Seabrook, the head of the country’s largest municipal jail guard union. |
| Federal authorities alleged Seabrook got tens of thousands of dollars in cash in exchange for steering $20m in union money to the hedge fund. Seabrook and Huberfeld have pleaded not guilty. | Federal authorities alleged Seabrook got tens of thousands of dollars in cash in exchange for steering $20m in union money to the hedge fund. Seabrook and Huberfeld have pleaded not guilty. |
| Founded in 2003, Platinum Partners until this year had more than $1.3bn under management. It produced exceptional profits for investors, with its flagship fund generating an average return of 17% since it started, Reuters has reported. | Founded in 2003, Platinum Partners until this year had more than $1.3bn under management. It produced exceptional profits for investors, with its flagship fund generating an average return of 17% since it started, Reuters has reported. |
| This year, a series of investigations tied to Platinum Partners came to a head, leading to a Cayman Islands court placing its two main funds into liquidation in August. | This year, a series of investigations tied to Platinum Partners came to a head, leading to a Cayman Islands court placing its two main funds into liquidation in August. |
| There was no immediate information on an attorney who could comment on Nordlicht’s behalf. | There was no immediate information on an attorney who could comment on Nordlicht’s behalf. |
| Platinum representatives did not immediately respond to a comment request. | Platinum representatives did not immediately respond to a comment request. |