SoylentNews is people
SoylentNews
from the don't-worry-they-got-you-covered dept.
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.
(Score: 1, Disagree) by khallow on Wednesday December 21 2016, @08:57AM
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.