Asset Managers, Financial, Fund Managers, Global, Global Investment, Hedge Funds, News

$1 Billion Fraud at Hedge Fund Platinum Partners

$1 Billion Fraud at Hedge Fund Platinum Partners

The founder of hedge fund Platinum Partners Mr. Nordlicht and six others have been charged with defrauding more than 600 investors of an estimate of $1 billion. The founder along with six others have been accused of faking the firm’s figures to collect a cut of an investment gains.  The scheme has been described as “Ponzi-esque”

“Platinum Partners had boasted one of the best track records in the hedge fund industry. It averaged 17% annually on average from 2003 to 2015 with no down years.”

~Bloomberg

Platinum Partners had boasted one of the best track records in the hedge fund industry. It averaged 17% annually on average from 2003 to 2015 with no down years.  Mr Madoff had made similar claims prior.

Related Reports: Wall Street Journal, Bloomberg

 


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