U.S. Attorney Robert Capers details charges in an indictment against Platinum Partners hedge fund chief investment officer Mark Nordlicht and six others in a $1 billion fraud case. (AP Photo/Bebeto Matthews)
Hedge fund Platinum Partners operated “like a Ponzi scheme,” according to the U.S. Attorneys Office in the Eastern District of New York.
Source: Platinum Partners turns to brass
Uh-oh. Bernie Madoff all over again?
That’s what federal prosecutors are alleging in the case of Platinum Partners, a hedge fund that operated “like a Ponzi scheme,” according to a 48-page indictment released today by the U.S. Attorneys Office in the Eastern District of New York. The document charges seven men, including Platinum’s founder and its president, with running a multiyear fraud, even though the firm purported to have one of the best records in the industry, for years claiming double-digit returns for its investors. … read more.