Platinum Partners – The Money is No Doubt Hidden – Start Digging…

 

THE NEW YORK POST:

Embattled hedge fund tied to prison guard union under new management

Troubled hedge fund Platinum Partners — which is holding $20 million in pension money for the city’s prison-guards union — is officially under new management, The Post has learned.

A Cayman Islands judge has ordered that liquidation firm RHSW Caribbean take control of Platinum’s flagship fund amid concerns about its ability to repay investors, according to a letter to investors obtained by The Post.

The new managers said they plan to meet with Platinum’s investors, including the Correction Officers Benevolent Association, on Sept. 28.

Ex-COBA president Norman Seabrook invested members’ pension money in Platinum, as well as the union’s operational funds.

Investors have been clamoring for answers following the June arrest of Platinum co-founder Murray Huberfeld, who was charged with paying bribes to get his hands on COBA’s money from Seabrook, who has also been charged in the alleged scheme.

In July, Platinum’s New York ­offices were raided by the FBI.

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