FBI RAIDS PLATINUM – Murray Huberfeld

 

Huberfeld Ponzi1.3

Platinum Partners, Need we Say we Called it?

LM had promised details on Platinum Partners and the Black Elk deal. At the center of the story is Centurion, Murray Huberfeld, Mark Nordlicht, David Bodner, Uri Landesman  an energy company, a pharmaceutical company, an oil company, Singapore, the Gulf of Mexico, Israel, Florida, TD Bank, event driven investments and of course, diamond mining.

The story is so convoluted that winding or unwinding or rewinding has been taking some time. We are trying for tomorrow. In the meantime…

 

The FBI Dealt Platinum a Blow…

 

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Platinum Partners Could’ve Dealt Without Being Raided By The FBI Today

dealbreaker.com/2016/06/platinum-partners-fbi-raid/

In addition to seeking out investments that will offer superior returns for its clients, a couple things that hedge fund Platinum Partners has been up to lately are:

1. Complying with a subpoena it received from the U.S. Attorney’s Office for the Eastern District of New York and
2. Dealing with a separate “wide-ranging corruption investigation by the U.S. Attorney’s Office for the Southern District of New York”

So what it probably didn’t reaaaaally need today was to have the Feds show up to headquarters with a search warrant, but when it rains

 

Platinum Partners Said to Be Raided by

FBI Amid Bribes Probe

http://www.bloomberg.com/news/articles/2016-06-22/platinum-partners-said-to-be-raided-by-fbi-amid-bribery-probe

 

 

Platinum Partners raided by federal agents amid dual investigations

http://www.reuters.com/article/us-hedgefunds-platinum-idUSKCN0Z82JE

That probe resulted in the arrest on June 8 of longtime Platinum associate Murray Huberfeld for allegedly orchestrating a bribe to a union leader in exchange for an investment in Platinum. Huberfeld, through his attorney, has disputed the charges. Platinum was not named as a defendant in the related case.

Platinum remains in business with more than $1 billion under management. But the firm recently informed investors that it was likely to slowly wind down its largest hedge fund offering, Platinum Partners Value Arbitrage, and is considering doing the same for its other large strategy, Platinum Partners Credit Opportunities.

“Going forward, the plan contemplated for PPVA will be for it to operate as a close ended fund, whereby the fund will be closed to new subscriptions, and proceeds of the monetization of any of our investments will be used to either support other current investments in the portfolio or distributed to stakeholders,” Nordlicht wrote in a note to investors on June 15 seen by Reuters.

He added that the unwinding would be done gradually to avoid a “fire sale” of investments.

Founded in 2003, Platinum has racked up profits that few in the hedge fund industry can match. But its strategy of lending to troubled companies carries risks that have turned off many large investors, according to a Reuters investigation earlier this year.

(For Reuters’ Special Report on Platinum, click here – here)

 

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