Platinum’s Investors Please Read – File Claims – Shareholders Foundation

http://www.sbwire.com/press-releases/platinum-partners-value-arbitrage-fund-and-the-platinum-partners-credit-opportunities-fund-investor-alert-investigation-over-potential-wrongdoing-738878.htm

Platinum Partners Value Arbitrage Fund and the Platinum Partners Credit Opportunities Fund Investor Alert: Investigation over Potential Wrongdoing

San Diego, CA — (SBWIRE) — 11/04/2016 — An investigation was announced on behalf of investors in Platinum Partners Value Arbitrage Fund and the Platinum Partners Credit Opportunities Fund over potential breaches of fiduciary duties by certain officers and directors.

Those who invested in the Platinum Partners Value Arbitrage Fund and/or the Platinum Partners Credit Opportunities Fund have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.

The investigation by a law firm concerns whether certain officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.

On June 8, 2016 news outlets reported that a manager at Platinum Partners, Murray Huberfeld, was arrested for allegedly bribing a union leader in exchange for an investment in Platinum Partners. According to the criminal complaint, Huberfeld is a founder and part owner of Platinum Partners and he may have been playing a leading role at Platinum Partners that was not publicly acknowledged by the firm.

On June 22, 2016, agents from the FBI and the U.S. Postal Inspection Service reportedly raided the headquarters of Platinum Partners.

On July 25, 2016, it was reported that federal agents are not only investigating alleged bribery at the fund, but are investigating the fund for fraud. According to the report, federal agents are probing whether Platinum Partners misstated values of some of its holdings, probing the firm’s service providers, including auditors who certified its figures, and probing whether, before Platinum Partners suspended redemptions of its main fund, Platinum Partners Value Arbitrage Fund, Platinum Partners had been paying some reported investment gains to exiting investors with money from incoming investors.

On August 24, 2016, it was reported that a Cayman Islands judge appointed an insolvency specialist to liquidate the assets of Platinum Partners Value Arbitrage Fund (International) Limited.

On October 18, 2016, the flagship fund of Platinum Partners filed for chapter 15 protection, the section of the bankruptcy code that deals with international insolvency. The insolvency specialist assigned to the case allegedly stated that they are conducting “emergency triage” to stave off Platinum’s collapse, citing liquidity problems, concurrent investigations by the Securities and Exchange Commission and Department of Justice, and hundreds of millions of dollars in unpaid bills.

Those who invested in the Platinum Partners Value Arbitrage Fund and/or the the Platinum Partners Credit Opportunities Fund have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s