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Platinum Partners Hedge Fund Accused of $1 Billion Fraud

posted by CoolHand on Tuesday December 20 2016, @11:06PM   Printer-friendly
from the don't-worry-they-got-you-covered dept.

takyon writes:

http://www.reuters.com/article/us-platinumpartners-lawsuit-idUSKBN1481BI

Top executives of New York-based hedge fund manager Platinum Partners were arrested on Monday and charged with running a $1 billion fraud that federal prosecutors said became "like a Ponzi scheme" as its largest investments lost much of their value.

Led by Mark Nordlicht, Platinum was known for years for producing exceptionally high returns -- about 17 percent annually in its largest fund -- by taking an unusually aggressive approach to investing and fund management, as detailed by a Reuters Special Report in April. (reut.rs/1TRovwx)

Nordlicht, Platinum's founding partner and chief investment officer, was arrested at his home in New Rochelle, New York. Federal prosecutors accused him and six others of participating in a pair of schemes to defraud investors.

[...] Capers added that the case was one of the largest and "most brazen" investment frauds ever and Platinum was ultimately exposed to have "no more value than a tarnished piece of cheap metal."

Also reported on by Bloomberg here.

Original Submission

 
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  • (Score: 1, Informative) by Anonymous Coward on Wednesday December 21 2016, @12:19AM

    by Anonymous Coward on Wednesday December 21 2016, @12:19AM (#444132)

    What assets? The subminimum wage you get from greeting at walmart because mcd automated your job? The pittance you get from gigging for uber?

    Sure everyone can get lucrative jobs at google and facebook right? Because a tech degree is so very valuable when there are more workers than jobs to fill.

    I hear you can make a killing by running popunder porn ads on pirated movie sites and serving driveby malware. Sure it would be scummy and fraudulent but it makes the money right??

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  • (Score: 0) by Anonymous Coward on Wednesday December 21 2016, @12:25AM

    by Anonymous Coward on Wednesday December 21 2016, @12:25AM (#444135)

    Google and Facebook are not the only employers of techies in the USA.

    If I was unemployed with no good leads, I might consider applying for a software engineer job at Amazon. Yes, it's a sweatshop and most people get worked to death. So what, you don't have to work there forever. Spend two years and you'll have credentials and extremely up to date knowledge about cloud computing, microservices, e-commerce and maybe machine learning.

    • (Score: 0) by Anonymous Coward on Wednesday December 21 2016, @12:35AM

      by Anonymous Coward on Wednesday December 21 2016, @12:35AM (#444139)

      Fuck me, I just knew I should have written "google and facebook and amazon" because some stupid dick would mention amazon. They're all tech giants, moron. Why should the "employers of techies in the USA" be the giant corporations or nothing, idiot?

      Half the country works for Brawndo!!! It's coming true!!!!!

      • (Score: 0) by Anonymous Coward on Wednesday December 21 2016, @12:50AM

        by Anonymous Coward on Wednesday December 21 2016, @12:50AM (#444145)

        Half the country works for Brawndo!!! It's coming true!!!!!

        The "Second New Deal" in 1935–38 included the Wagner Act to promote labor unions, the Works Progress Administration (WPA) relief program (which made the federal government by far the largest single employer in the nation),

        Uber Trump is already in bed with Amazon, Facebook, and Google. No New Deal here, just more corporate oligarchy.

      • (Score: 2, Funny) by khallow on Wednesday December 21 2016, @06:33PM

        by khallow (3766) Subscriber Badge on Wednesday December 21 2016, @06:33PM (#444388) Journal
        Google and Facebook and Amazon are not the only employers of techies in the USA.

        If I was unemployed with no good leads, I might consider applying for a software engineer job at Microsoft. Yes, it's a sweatshop and most people get worked to death. So what, you don't have to work there forever. Spend two years and you'll have credentials and extremely up to date knowledge about cloud computing, microservices, e-commerce and maybe machine learning.

    • (Score: 0) by Anonymous Coward on Wednesday December 21 2016, @04:51AM

      by Anonymous Coward on Wednesday December 21 2016, @04:51AM (#444211)

      If I was unemployed with no good leads, I might consider applying for a software engineer job at Amazon
      Tried it. Went nowhere.

  • (Score: 1) by khallow on Wednesday December 21 2016, @08:20AM

    by khallow (3766) Subscriber Badge on Wednesday December 21 2016, @08:20AM (#444242) Journal
    I already pack away more than half of what I earn. Sounds like you need to adjust your lifestyle so that you are actually saving money instead of complaining on SN.

    • (Score: 0) by Anonymous Coward on Wednesday December 21 2016, @08:30AM

      by Anonymous Coward on Wednesday December 21 2016, @08:30AM (#444246)

      Would that work for someone making $10.10/hr? They can go eat cake, I guess.

      • (Score: 1, Disagree) by khallow on Wednesday December 21 2016, @08:57AM

        by khallow (3766) Subscriber Badge on Wednesday December 21 2016, @08:57AM (#444260) Journal

        Would that work for someone making $10.10/hr?

        Yes, though it would be somewhat less, since I do make more than $10.10 per hour.