Platinum Hedge Fund Executives Charged With $1 Bil..

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Platinum Hedge Fund Executives Charged With $1 Billion Fraud

A founder of the hedge fund, Platinum Partners, and six others were charged on Monday in what federal prosecutors said was a scheme that overvalued the assets and misrepresented their performance. $1 billion fraud that led the firm to be operated “like a Ponzi scheme,” Murray Huberfeld, right, a former executive of the hedge fund Platinum Partners, leaving Manhattan Federal District Court after his arraignment on federal corruption charges in June. Credit Bryan R. Smith for The New York Times

Comment

1482211952

If you take people's money for an investment, you have a "Fiduciary Responsibility", to do the right thing, may he rot in jail.

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1482212194

The arrests on Monday were part of an investigation among several government agencies, including the Federal Bureau of Investigation and the United States Postal Inspection Service. In June, Murray Huberfeld, a former Platinum executive, was arrested. He has pleaded not guilty to conspiracy and wire fraud.

Soon after Mr. Huberfeld’s arrest, agents from the F.B.I. and the Postal Inspection Service raided Platinum’s New York offices. Faced with mounting pressure from federal investigators, as well as an investigation by the S.E.C., Platinum liquidated its main hedge fund.

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1482212657

It's the full Monty: FBI, USPIS, SEC, & Federal Investigators, all the agencies are at this party.

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Bruce Wayne / Co-Owner BlastFM LTD

Bruce Wayne / Co-Owner BlastFM LTD

Bruce Wayne / Co-Owner BlastFM LTD