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23 February 2017

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Prosecutors label Platinum hedge fund a ‘Ponzi’ scheme

Ted Bunker 20 December 2016

Federal prosecutors claim that a New York hedge fund, Platinum Partners, became a massive "Ponzi scheme" that defrauded investors while collecting over $100mn in fees from unsuspecting clients.

Co-chief investment officers Mark Nordlicht, 48, and David Levy, 31, were among those indicted along with several associates. They face conspiracy and fraud charges and could be sentenced to as many as 20 years in prison if convicted, according to Robert L. Capers, the US Attorney for the Eastern District of New...


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