Law360, New York (June 26, 2019, 9:31 PM EDT) — An attorney for Platinum Partners co-founder Mark Nordlicht on Wednesday sought to turn the tables on prosecutors in closing arguments, accusing the government of peddling more lies at trial than top executives at the defunct hedge fund are alleged to have told to investors.
The jury weighing the fate of Nordlicht, former Platinum co-chief investment officer David Levy and former Chief Financial Officer Joseph SanFilippo heard the first part of Nordlicht’s final pitch to escape fraud and conspiracy charges from his attorney Jose Baez, who argued that prosecutors have been eliciting misleading testimony and presented flawed and incomplete evidence from the start of trial.
“We agree this case is all about lies. It’s all about the lies of the government,” Baez told the jury. “They came in here and lied to you with a straight face.”
Prosecutors say Nordlicht, Levy and SanFilippo were part of a conspiracy stretching from 2014 to 2016 to defraud investors by lying about a liquidity crisis at Platinum’s signature fund, preferential redemption payments that were made to certain investors and high interest, interfund loans Platinum was arranging to keep the fund afloat.
Baez told jurors that Nordlicht had been forthright with his investors, and as the largest investor in Platinum’s flagship fund, Platinum Partners Value Arbitrage Fund, he stood side by side with the other investors.
“For you to believe he defrauded them, he would have had to defraud himself,” Baez said.
To continue on Law360 Subscription site and read, click here.