Seabrook and Platinum an Autocrat’s Venture, Capitalist

 

NYC Corrections Union Boss, Hedge Fund Manager Busted for Fraud

 

It wasn’t as if Norman Seabrook needed the money.  But in accepting it, he jeopardized the retirement of union members.  Last Wednesday, June 8, Seabrook, president of New York City’s Correction Officers Benevolent Association (COBA), was arrested by FBI agents and charged with honest services fraud for receiving $60,000 in cash from an executive of a troubled Manhattan hedge fund, Platinum Partners, in exchange for steering $20 million in union pension money to the fund.  Platinum Partners CEO Murray Huberfeld was similarly charged.  Seabrook is out on $250,000 bond, but given his ouster by the COBA board, he doesn’t have much to do.  U.S. Attorney Preet Bharara (in photo) termed this “a straightforward and explicit bribery scheme.”  The actions are part of a wider probe into NYPD corruption.

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