Platinum -Paying Back…. Precious little – Huberfeld/Bodner – Follow the Money


Huberfeld Ponzi1.3

Hedge Fund Platinum Partners to Pay Back Fraction of What Firm Owes

The hedge fund is under federal fraud investigation

Hedge fund Platinum Partners plans to pay back around $80 million to investors in the coming months, less than 10% of what the firm owes in total, according to people familiar with the matter.

Platinum, whose practices are the subject of a federal investigation, as of this summer said it had $1.25 billion under management.

Its executives, as recently as this month, continued to tell investors they hope to return the entirety of that sum over time, though they haven’t said exactly when they will do so.

Bernard Fuchs, one of the firm’s co-owners, will likely be among those paid first, the people said. Mr. Fuchs, 70 years old, had requested last year to pull some of his money even as he encouraged other investors to stay put, the people said.

Mr. Fuchs said he requested the money back “for charitable donations” connected to his foundation. He said the withdrawal constituted “a fraction of my money in the fund.”
Previous Coverage

Insurer Sues Executives Tied to Platinum Hedge Fund (Sept. 29)
Adviser With Ties to Hedge Fund Platinum Put Client Funds in It

Platinum’s first planned repayments to investors come as federal investigators conduct a fraud probe focused on Platinum, which had reported some of the most consistent returns in the hedge-fund industry. In addition, in June, Platinum co-founder Murray Huberfeld was arrested for his role in the alleged bribery of a New York City Correction Officers’ Benevolent Association official in exchange for an investment. Mr. Huberfeld and the union official denied wrongdoing.

That same month, Platinum announced it would suspend all redemptions and move to liquidate. The firm has said it is cooperating with all investigations.

To read the article in its entirety click here.


11 thoughts on “Platinum -Paying Back…. Precious little – Huberfeld/Bodner – Follow the Money

  1. Thank you for taking on this important task to expose all these fraudsters.

    There is a whole other angle that MUST be exposed and that is David Bodners brother in law Jack Mueller and his son Moshe Mueller, both of Lakewood. They both worked for David from 1990 to 2015!!!!!

    They were peddling Platinum in Lakewood and thru out the yeshiva world for 25 years!
    Crooks and gangsters!!!

    • Ex-Insider – can you get us information that substantiates that. We believe David Bodner is just as culpable as the rest. However, he has somehow managed to avoid any publicity. If you can provide us information to substantiate, we will expose.

  2. Uh, yes, Nordlicht is both HONEST and ETHICAL.

    Fraud Probe Ricochets Through Platinum Partners, a Hedge Fund With Ties to Jewish Community

    “In one instance, it paid interest to a lender part-owned by family-member trusts of Mr. Huberfeld and Mark Nordlicht, Platinum’s founder and chief investment officer.”

    In Rothstein Fiasco, Fraud Begets Fraud

    To understand Mark Nordlicht, you must first know his father, Jules Nordlicht. Back in 1978, Jules Nordlicht pleaded guilty on a federal charge of conspiracy to create $27 million in fraudulent tax losses through manipulation of market for crude oil futures. It’s not clear what sentence he served, but it is crystal-clear that his criminal conviction didn’t keep him out of the high-flying commodity trading business.

    Jules Nordlicht went on to become a major shareholder at the New York Mercantile Exchange (NYMEX), the largest commodity futures exchange in the world. His son, Mark, followed in his footsteps, becoming a wheeler-dealer in the dicey energy futures market.

    Mark Nordlicht became chairman of Optionable Inc., a company he founded that had a rather Rothstein-like implosion in 2007 amid allegations of fraud and insider trading. While the company was still flying high in January 2007, Nordlicht and two other executives, including Optionable CEO Kevin Cassidy, sold 10.2 million shares of the company to NYMEX for $29 million. Mark Nordlicht personally accounted for seven million of those shares, which he sold for a whopping $18,830,000.

    In May, the wheels fell off of Optionable. It was learned at that time that CEO Cassidy had felony credit card and tax evasion convictions in his past that he didn’t disclose. On top of that, Optionable had a series of dubious dealings with a broker named David Lee at the Bank of Montreal that caused huge losses for the bank. Lee and Cassidy were close friends.

    So what happens? NYMEX announced that it would compete with Optionable rather than join it and declared an almost total writedown on its Optionable investment. Optionable stock plunged, and the company was hit with SEC actions and class action lawsuits.

    One lawsuit filed against Mark Nordlicht explains the “bogus” relationship NYMEX and Optionable this way: “[A] key reason the unusual NYMEX transaction went forward was the influence of Jules Nordlicht, a NYMEX shareholder with significant holdings and — lo and behold — also an ex-con and the father of Mark Nordlicht. Nordlicht Senior, who had liquidated 2.19 million shares in Optionable’s IPO and therefore had no vested interest in the future of his son’s Company, (except to see thathis son made as much illegal profits as possible), also pleaded guilty to price rigging the crude oil market in 1978.”

  3. From The top-performing hedge fund manager that’s too hot for big money to handle
    April 13, 2016, 4 p.m. GMT

    Quote: One longtime Platinum investor, Bernard Fuchs, praised Nordlicht and said he was not concerned about liquidity issues or investments that might generate negative press.

    “I know he’s an ethical, honest person,” said Fuchs, the former CEO of Lenoxx Electronics Corp who now invests personal and family money. “I would mortgage all our houses to invest with him, anything that he would go for.”

    Fuchs had to know by then that the fund was insolvent. He was an insider and owner, not some “longtime investor”. He directly induced people to invest money, which is a crime.

  4. I’ll tell you why he hasn’t been arrested. Because Hashem is watching over him. He is a tzaddik. And I know many, many, many people that would attest to that. I would bet every dollar that I have that neither you nor this “lost messiah loser” have done 1% of the goodness this man has done in his life (including way before he was involved in platinum so don’t even try going that route!).

    • Sarah, you are misguided and disillusioned. Sadly, you are one of the brainwashed. There is no good that can outweigh the bad.

      We wish you and easy fast and that you Gmar B’Chatima Tova. We wish that perhaps the upcoming year will bring you true enlightenment.

      We cannot believe that this is what G-d intended.

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