Trying to Refute the Andrew Kaplan Testimony – a Platinum Trial Play [Law360]

Law360, New York (May 20, 2019, 8:22 PM EDT) — An attorney for the co-founder of Platinum Partners on Monday sought to refute the testimony of a former marketing executive turned cooperating witness in the securities fraud trial of Platinum co-founder Mark Nordlicht, citing multiple instances when Nordlicht urged others at the hedge fund manager to tell the truth.

Andrew Kaplan, Platinum’s former chief marketing officer, spent the better part of the day fielding questions from Nordlicht attorney Jose Baez, who sought to counter Kaplan’s prior testimony that Nordlicht misled potential investors about the financial health of Platinum’s main fund while it was struggling to pay back tens of millions of dollars to its existing investor base.

Baez played a September 2014 conversation between Nordlicht and Kaplan — which was surreptitiously recorded by Kaplan — ahead of an audit by the U.S. Securities and Exchange Commission in which Nordlicht tells Kaplan to be truthful in an interview with SEC staff.

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2 thoughts on “Trying to Refute the Andrew Kaplan Testimony – a Platinum Trial Play [Law360]

  1. For real? The very fact that Nordlicht would tell Kaplan explicitly not to lie to the SEC is insane! If they were above board why would there ever be any reason to lie to anyone let alone the SEC? ‘Not lying’ is an implicit part of any legitimate business.

    • A three + year review of the individuals and the entity last left us with a clear picture of the level of arrogance that saturated the entire boy’s club of Platinum and its related entities. “Don’t lie to the SEC” is almost laughable. It was probably a clip from a greater conversation, water on in the background, toilet flushing etc; or one example of the profoundly remarkable planning of the members within that club. These men were creating one scheme while trying to stave off problems with another. It is astounding that they could keep it all straight. At any one time there were multiple frauds going on, each a little nuanced.

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