Platinum Hedge Fund Executives Charged With $1 Billion Fraud
For years, the little-known New York hedge fund Platinum Partners stood out for double-digit investment returns that rivaled some of the biggest names in the industry.
It turned out that those returns were too good to be true, according to federal prosecutors.
Federal agents on Monday arrested Mark Nordlicht, a founder and the chief investment officer of Platinum, and six others on charges related to a $1 billion fraud that led the firm to be operated “like a Ponzi scheme,” prosecutors said. It is one of the largest… Read more…