Black Elk, US Probe – Platinum Partners

File photo of rescue crews surrounding Black Elk oil platform in the Gulf of Mexico

U.S. probes hit defunct energy co linked to Platinum Partners

http://www.reuters.com/article/us-hedgefunds-platinum-idUSKBN13O29Y?

At least four U.S. agencies are investigating former officials of a now-bankrupt oil and gas company once majority owned by troubled hedge fund manager Platinum Partners, according to a legal filing submitted last week.

In a motion filed with federal bankruptcy court on Nov. 23, a group of 10 directors, officers and employees of Black Elk Energy Offshore Operations LLC [BLCELB.UL] said an undisclosed number of them had incurred costs from investigations by the U.S. Attorney’s office in Brooklyn, New York, the U.S. Securities and Exchange Commission, the Internal Revenue Service, and the U.S. Postal Service.

The men, some of whom have close ties to Mark Nordlicht’s Platinum, filed the motion to request that Black Elk’s insurance policies cover costs related to those investigations and potential settlements, in addition to lawsuits and claims by the Black Elk litigation trustee and others.

The Black Elk investigations are happening in tandem with U.S. federal probes into Platinum.

Spokespersons for the Department of Justice, SEC, USPS and IRS declined to comment or did not respond to emails seeking confirmation that the investigations are linked. A spokesman for Platinum declined to comment.

In June, the hedge fund’s New York headquarters were raided by agents from the Federal Bureau of Investigation and the U.S. Postal Inspection Service as part of a Department of Justice (DOJ) probe.

Platinum later decided to liquidate its main hedge funds under the supervision of a professional monitor amid pressure from the DOJ’s investigation, a similar probe from the SEC, and the earlier arrest of a longtime associate on separate criminal corruption charges.

Since then, Platinum’s main offshore hedge fund has received U.S. bankruptcy protection as Cayman Islands-based liquidators work to recover money and sell off its assets on behalf of creditors.

 

To read the article in its entirety click here.

 

8 thoughts on “Black Elk, US Probe – Platinum Partners

  1. what an shame that so much criminal activity was left out of the article including the bribed insiders Jeffery Shulse and Steven Fuerst, a long term relationship with Platinum Partners is the trigger men on wiring funds to Platinum, thus postponing the ultimate demise of platinum while greatly accelerating the death of Black Elk. Thousands of families have been seriously harmed as a result of this scheme. While encouraging that the US Attorney General is involved, the hidden facts & evidence continues to astound me. The use of the terms “Lawyers and Ethics” should never be used in the same sentence or paragraph. In addition to the lack of full disclosure, there is considerable evidence of records destruction, most likely orchestrated by Shulse, Fuerst and Black Hill Partners CRO. And what ethical legal firm would remain engaged after learning about and actually preparing documents on obvious fraudulent transfers and unjust self-enrichment. It wouldn’t take long to find the name of that law firm. They certainly wouldn’t want ALL the facts to come out. This is the biggest cover-up story in recent times and will certainly be in the US history top 10 schemes in regards to value taken away from the innocent. Reuters did a poor job in the title of the article and ignored so many facts. I am impressed (for the first time in at least a decade) that this site actually speaks the truth and doesn’t care about anything but truth and justice. Bravo for the Lost Messiah!

    Like

    • Thank you for your praise. We will publish our article which has been months in the drafting. It will be published in parts and hopefully picked up by people for whom the information might be useful. We would like to see those who were so mercilessly defrauded by people like Huberfeld and Fuerst, Bodner and Shulse – people whom they called friends – see their money returned to them. Murray and David – two of the most audacious thieves, in our view, should be returning the money from their own personal family trusts, which grew as these companies sank and their investors drowned with them. We hope it is only a matter of time.

      Like

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