THE PLATINUM QUESTION – WAS ANYBODY LISTENING?

PLATINUM PARTNERS AND THEIR OUTRAGEOUS RETURNS

LostMessiah 4 January 2016

LostMessiah was and has been the brainchild of several people who began this venture last February with a few stories already in our heads, Platinum being front and center.

From the very beginning we made clear that something was very wrong with Platinum, beginning with the extraordinary, though irrational returns. We then raised the question of David Bodner and a piece of property (191 Viola Road) that transferred names rather nefariously in Rockland County, New York.

We questioned the Africa-Israel connection and most notably those who financed Platinum in its early years: David Bodner and Murray Huberfeld and their band of merry… Philanthropists? No.

We posted diagrams.

Huberfeld Ponzi1.3

We showed you the connections between Seabrook and Platinum, COBA and Platinum. We even spoke of Black Elk, a story still in its making. We believe that most of the Platinum investor money (which is likely currently in the family trusts of Bodner and Huberfeld and in the yeshivas begun by Nordlicht and his family) belongs to Black Elk investors who were taken for a ride during a tender offer which was specifically intended to drain the company of its assets.

That story is still one to be told but unfortunately 12 pages later, we have found a web of lies and a spider with far more than eight legs and we have not even scratched the surface.

The investor money has not been spent, in our view. It has been funneled. The trick is going to be getting it out from under the various trust laws protecting it. The key to Huberfeld’s participation in all of this beyond his family trusts is his property which has more recently been transferred to his wife in a quit-claim deed. 

There were people questioning – just too few listening.

 

See also:

https://lostmessiahdotcom.wordpress.com/2016/04/13/the-seabrook-connection-investments-gone/

https://lostmessiahdotcom.wordpress.com/2016/04/15/the-long-short-nope-the-dead-undead/

https://lostmessiahdotcom.wordpress.com/2016/04/14/theres-not-enough-time-in-the-day-to-discuss-nordlicht-huberfeld-bodner/

READ FURTHER:

No One Questioned This Hedge Fund’s Madoff-Like Returns

  • Red flags abounded while hedge fund claimed 17% annual gains
  • Platinum was embroiled in rogue trades, Florida Ponzi scheme

In the years before Mark Nordlicht was arrested for what’s alleged to be one of the biggest investment frauds since Bernie Madoff’s, U.S. authorities had plenty of reasons to suspect something might have been fishy about his hedge fund, Platinum Partners.

As far back as 2007, Bank of Montreal accused Nordlicht of helping a rogue trader, costing it more than $500 million. Three years later, when the Securities and Exchange Commission was investigating what it called a “scheme to profit from the imminent deaths of terminally ill patients,” the agency discovered that Platinum had funded the deals. And in 2011, a Florida lawyer who confessed to running a $1.2 billion Ponzi scheme testified that Nordlicht, his biggest funder, lied to help him lure new investors.

And then there were the remarkable profits: 17 percent annually on average from 2003 through 2015, with no down years. The returns were almost as smooth as the fake gains that Madoff claimed year after year, as measured by a popular metric called the Sharpe ratio. Continue reading

The Missing Trust Agreement, The Rabbi and the Diamond Dealer

Rabbi Berel Lazar and A Missing Trust Agreement Between Arkady Gaydamak and Lev Leviev

September 11, 2016/1 Comment/in Joe Levin /by Joe Levin

By this interview Rabbi Berel Lazar actually recognizes that he had received the envelope from Arkady Gaydamak or from Lev Leviev but by no means ever knew what this envelope contained.

As the Justice Lord Vos stated in his Decision, “since this TV interview Lazar (and Leviev) are not able to deny the fact that Lazar received for the safekeeping an envelope and thus each Party, Arkady Gaydamak and Leviev, should explain the content of the envelope”.

Thus, in front of the High Court of Justice, Rabbi Berel Lazar and other witnesses on Leviev’s side stated with great confidence that the envelope contained Gaydamak’s written commitments to contribute to the Federation of Jewish Organizations of FSU instead of, as Gaydamak stated, the copy of the signed Trust Agreement of December 13, 2001.

Leviev’s side even presented to the Court false, fabricated by the US Chartered Accountant Joel Zuller, Tax Return Forms, in order to support Leviev’s fraudulent allegations that Gaydamak had fulfilled his financial commitments of contribution to the Federation of Jewish Organizations.

The TV interview of Rabbi Berel Lazar evidenced premeditated, knowingly fraudulent statements and documents presented to the High Court of Justice in London by Lev Leviev and his accomplices.

Lazar’s affirmations are — that he did not know what the envelope contains; and that he had never understood the reason why he received the envelope; and he expressed his astonishment why Gaydamak did not keep with him one signed copy of such, in accordance with Gaydamak’s claim, an important document.

These kind of allegations, specifically expressed by Lazar, who pretends to be a Rabbi, are absolutely outrageous.

By his affirmations, Lazar rejects the basic Halachic Rule about the function of “Shomer Ne’eman” (safe-keeper or Jewish Notary, Trustee in duty).

In accordance with these rules, two Jews, in the case where they want to establish an important (from their point of view) confidential document– they should do it precisely in one signed copy and transmit it to a “Shomer Ne’eman” (for which any Rabbi can serve).

Only on condition when the document itself was established in accordance with the “Halacha” rules and “Mazal Ubraha” was pronounced, which is precisely the case, as the Justice Lord Vos has stated — the responsibility of “Shomer Ne’eman”, in this case Lazar, should be engaged.

In the case where “Shomer Ne’eman” (Lazar) is not able to return the document, specifically when the document did not disappear for the reason of Force Major (fire, flood, earthquake, and other kinds of “Plagues of Egypt”, etc.) and in the case of a dispute between the two parties that signed the document the Halacha says that the version of the complaining party (Gaydamak) should be accepted.

In this case, we have all the founded evidences at our disposal that Lazar had actually allowed this document to disappear intentionally for the reason of his acquaintance, connections with and dependence from Leviev (the Justice Lord Vos unambiguously stated it in his Decision of June 29, 2012).

Journalist:
Honorable Rabbi, Hello.

Rabbi Berel Lazar:
I will tell you what I told him. I told him a very simple thing. If you give me a paper… First thing, if you make an agreement with someone, it is very strange that you don’t keep a copy yourself.

It is a strange thing in my opinion. Second, if you give me such a paper, tell me what this paper is.

Of course I have never said to him that I kept it.

These are things that suddenly he thought that he had heard from me.

I had already said to him in a meeting: when did I tell you that?

He does not remember when I told him.

He does not remember if I told him. Maybe I did not tell him. And suddenly, afterwards, he decided that maybe there is a chance that he publishes that I was indeed heard nearby.

These are all, excuse me, fantasies of a person – that once he delivered to me a paper, in this paper something was written, something that he, himself, claims that he had not told me.

He does not remember when he delivered it to me, he does not remember who delivered it to me, but there is “as if”…

Journalist:
Do you remember that you received such a thing at all?

Rabbi Berel Lazar:
I do remember that once there was – that either HE or Leviev – gave me an envelope and that’s it. They did not even tell me to keep it.

Journalist:
Honestly, it does not make sense that a Rabbi who receives an envelope from Leviev or Gaydamak loses it, also in the case where he does not know what it contains.
Rabbi Lazar alleged in front of us that during his conversation with Leviev, the latter admitted in delivery of the envelope.

Lev Leviev, Arkady Gaydamak, Berel Lazar – Letter to the Editor

 

LEVIEV’S IMAGE AS NO. ONE PHILANTHROPIST MADE POSSIBLE BY USE OF AFRICA-ISRAEL FUNDS, HAS SERVED HIS PRIVATE FINANCIAL STANDING WHILE CONCURRENTLY DEFRAUDING INVESTORS  – LETTER TO THE EDITOR

We received the following letter to the editor which we are publishing as such. We were asked to kindly protect the author’s anonymity and are so doing. We have made very few edits.

We note that the author’s comments came to us without the source material and we will provide as it becomes available. We do not believe the lack of sources to preclude its publication and we welcome any comments.

LM

 

Dear LM,

I am writing to you as a follow-up to your articles regarding Lev Leviev, 23 Wall Street, Arkady Gaydamak, Africa Israel and the numerous interrelated properties, investments and contributions. I thought you should be aware of the following and would be grateful if you would publish. As a preface to my comments, you have already published information regarding lawsuits between Mr. Gaydamak and Mr. Leviev, which have been and continue to be ongoing. You may or may not know the history of those lawsuits or have access to the truth and accuracy of the occurrences and significant nuances. I write to you as a person with an intimate understanding of those events.

In 2012, in the course of the hearings in front of the High Court of Justice of London, where Gaydamak sued Leviev alleging Leviev fraudulently denied the existence of the Trust Agreement by which Leviev had the obligation of trust towards Gaydamak, the Justice Lord Jeffrey Vos (who is a Jew) said to Leviev at the beginning of the trial that Leviev is widely known in the world as one of the biggest financial contributors to the Jewish communities. He then asked Leviev how much he contributes Jewish causes. Leviev cast down his eyes and replied that, in accordance with the Jewish tradition that he respects, the amount of “tsedaka” should not be proclaimed publicly by the contributor, and then Leviev wrote some figures on a paper and presented it only to the judge’s eyes. Justice Lord Vos was visibly impressed.

There is no doubt that this event, which by no means should normally influence the “discovery of the truth”, nevertheless has influenced the opinion of Justice Vos concerning Leviev.

However, Leviev was not precise, that all his so-called contributions are made by fraud from the account of the public company “Africa-Israel” where Leviev is a major shareholder. The so-called contributions that he widely advertises, are in reality, paid by the shareholders who are mainly pension funds, with the money of the pensioners.

It should be noted in the context of many of your articles, “Africa-Israel” never reimbursed their investments.

Leviev also did was not punctilious to Justice Lord Vos and generally, when he failed to specify that all his so-called contributions are destined specifically for the Federation of the Jewish Communities of FSU where Leviev is a Head and where the so-called spiritual leader is Berel Lazar, who was to be the safeguard of the trust in question is rabbi. In exchange for this financing Berel Lazar blindly supports all frauds of Leviev who, in order to commit his frauds, has built for himself an artificial image of the man who respects the rules of Torah.

The representative of “Africa-Israel” bondholders Dan Avnon stated: “We find it’s unacceptable that “Africa-Israel” which hasn’t been able to repay money to its creditors, is making donations to third parties”.

Then, the public company “Africa-Israel”, in order to cover and justify Leviev’s frauds, issues official statements full of arrogance, such as: “Africa-Israel” sees itself as committed to active involvement in society and the community in which it operates together with its businesses, operations and entrepreneurship. In this spirit, all of “Africa-Israel” subsidiary companies undertake a wide range of community activities in the countries in which they operate, which is expressed among other ways in money donations and voluntary activities”.

This arrogant official statement of the public company “Africa-Israel” is the obvious evidence that Leviev, in order to build his artificial image of one of Judaism’s top philanthropists , is in actuality stealing from the public company and using not his own money but public money to further his own interests.

As in many other similar cases of severe breach by Leviev and “Africa-Israel” of law and regulations imposed upon public companies, the Stock Exchange Regulators are strangely silent.

Thus, in the course of the hearings in the High Court of Justice in London, Leviev, in order to obtain a favourable opinion about himself, lied to Justice Lord Vos concerning Leviev’s so-called contributions to the Jewish community.

 

Famed J.P. Morgan Building at 23 Wall Street in Play – and Urinating Bosses…

project_rs_23wall

23 Wall Street – Our Theories

We have written on the famed J.P. Morgan piece of property more times than perhaps any other Blog. We have written on the various Jona Rechnitz and Jeremy Reichberg properties/investments/shady dealings. We have written about Chetrit and Bistricer, China Sonangol, Queensway, Angola. The story below from “The Real Deal” almost feels like something we could have written. But, of course, we didn’t.

The new buyer, as you will see below from the article on the bottom of the page, Jack Terzi, lacks certain social graces (or did in 2012). He apparently was an abusive boss who, according to reports in the NY Daily News from 2012, engaged in bizarre behavior. In the interest of full disclosure, his employees at his yogurt shops felt that he was “strictly business” and “humble.” Hard to tell.

We can say this:

It would not surprise us if nestled within the many companies listed on the Africa-Israel website with reference to the Israel Stock Exchange we were to find the new J.P. Morgan buyer’s name, his company or some financial/management synergy with Africa Israel and perhaps concurrently with China Sonangol. It will take a while to find and some might write this one off as a leap. We don’t think so.

It is a Buyer’s market not a Seller’s market in Manhattan right now (if the comment about the losses below by The Real Deal is any indication). China Sonangol/Africa-Israel/Sam Pa/ want out of New York but we doubt they would take a financial loss. We think that it will prove to be anything but a loss.

AFI Group

The company is traded on the Tel Aviv Stock Exchange.
For more information, please press on the image below.

Click here for more information

Subsidiaries:

Africa Israel Properties
Click here for more information
Africa Israel Residences
Click here for more information
 Danya Cebus
 Click here for more information
 Africa Israel Industries
 Click here for more information
 Negev Ceramics
 Click here for more information
Dor Alon
Click here for more information
Blue Square
Click here for more information

 

 

Paydirt: The Compass unicorn, a more modest buyer pool, 23 Wall in play … & more

Billionaires hiding? We’ll take the millionaires: Compass’ valuation comes at a time when Manhattan’s high-end residential market is taking body blows. Developers finally seem willing to accept things aren’t where they were in 2014. They’re either offering fat discounts (Extell at One Manhattan Square, World Wide Group and Rose Associates at 252 East 57th Street), pushing sales back (JDS & PMG at 111 West 57th Street) or abandoning ship (Witkoff at Park Lane, Chetrit & Bistricer at the Sony Building).  “The next two years will be the year of the deal,” PMG’s Kevin Maloney told Bloomberg.

Developers who set their sights a little more main street have been faring better: Condos priced between $500,000 and $999,000 have sold five times as fast as their $10 million-and-up counterparts, according to a Miller Samuel analysis of a decade of residential sales.

You don’t know Jack: JTRE’s Jack Terzi is in contract to buy 23 Wall Street, a landmarked property that was once the headquarters of J.P. Morgan & Co. – it was dubbed the “House of Morgan” — but of late has been a pox on Lower Manhattan. The long-vacant building is owned by the shadowy China Sonangol, a joint venture between Sam Pa’s Queensway Group and the nation of Angola — go figure. Sources told the New York Post that Terzi will be buying the property at a discount to the $150 million Sonangol paid for it in 2008. That’s hard to fathom, except for the fact that Pa is under investigation for allegations of financial crimes, according to the FT.

Terzi, who grew up in Gravesend and cut his teeth at Hidrock Realty, has made a number of splashy acquisitions of late, including a number of $20 million-plus buys in Midtown East. But this deal, if he does close on it, elevates him to a different level — giving him control of more than 130,000 square feet in the heart of Lower Manhattan.

 

Sam-Pa-23-Wall-Street (1)

 

THE NEW YORK POST:

http://nypost.com/2016/08/30/long-vacant-wall-street-landmark-sold-to-retail-developer/

 

For a tall tale about how China Sonangol may or may not have come to its original purchase through individuals mixed up in the NYPD scandals, read The Post’s Steve Cuozzo’s story from July 4.

The 160,000 square feet stretches from the landmarked 23 Wall St. where banker Morgan once had his private offices, around the sloped corner to portions of the base floors of 33 Wall and 15 Broad St.

The stone fortress has been touted as a retail play for years, but it’s stood mostly dark — due to absentee ownership and landmark-related restrictions.

Prospective deals to lease it to Brooks Brothers and a multi-media event company fell through but Hermes has been a tenant since 2007.

The upper stories of 15 Broad next door were converted into apartments.

JACK TERZI – NEW YORK DAILY NEWS:

http://www.nydailynews.com/new-york/ex-worker-suing-real-estate-boss-jack-terzi-5-million-abuse-fines-urinating-article-1.1134148

 

Ex-worker suing real estate boss, Jack Terzi, for $5 million for abuse, fines, and urinating

A foul-mouthed boss from hell unzipped more than his lip in torturing his young assistant.

Brash real estate broker Jack Terzi urinated on the underling’s clothes during a three-year reign of terror in their Manhattan office, according to a astonishing new lawsuit.

The allegedly abusive broker was accused by ex-employee Albert Sultan of abuse that included cutting four-letter insults, sharp flying objects and bizarre fines.

Sultan, hired shortly after Terzi launched his company in 2009, “became emotionally distraught, was humiliated and embarrassed … by the systematic and continuous unlawful harassment,” charged the 15-page suit filed Wednesday.

Court papers contain a cruel recital of Terzi’s perverse management style, including the time he “urinated on a garment” belonging to Sultan as others watched.

Terzi was accused of throwing a shoe and a pair of scissors at his young assistant, hurling insults like “f—— idiot” and “piece of s—“ — and repeatedly “sneezing in (Sultan’s) face in a contemptuous fashion.”

Terzi, in a countersuit, charged Sultan was a conniving backstabber who launched his own business with confidential information stolen from Jack Terzi Real Estate.

Sultan, of Eatontown, N.J., declined further discussion about his ex-boss.

 

 

Platinum Partners – The Money is No Doubt Hidden – Start Digging…

 

THE NEW YORK POST:

Embattled hedge fund tied to prison guard union under new management

Troubled hedge fund Platinum Partners — which is holding $20 million in pension money for the city’s prison-guards union — is officially under new management, The Post has learned.

A Cayman Islands judge has ordered that liquidation firm RHSW Caribbean take control of Platinum’s flagship fund amid concerns about its ability to repay investors, according to a letter to investors obtained by The Post.

The new managers said they plan to meet with Platinum’s investors, including the Correction Officers Benevolent Association, on Sept. 28.

Ex-COBA president Norman Seabrook invested members’ pension money in Platinum, as well as the union’s operational funds.

Investors have been clamoring for answers following the June arrest of Platinum co-founder Murray Huberfeld, who was charged with paying bribes to get his hands on COBA’s money from Seabrook, who has also been charged in the alleged scheme.

In July, Platinum’s New York ­offices were raided by the FBI.

TO READ THE ARTICLE IN ITS ENTIRETY CLICK HERE.

AG Settlement – Boymelgreen, Leviev… Where’s the Authenticity, Schneiderman?

 In 2014, THE REAL DEAL reported on the investigation which had been launched by AG Eric Schneiderman into the partners’ Boymelgreen and Leviev’s luxury real estate business. Schneiderman’s focus at the time was 20 Pine Street and 15 Broad Street. The Broad Street location is only steps from 23 Wall Street, The JPMorgan building, a location which we view as far more important in the architectural structure that supports if not fosters corruption in New York and elsewhere.

In 2014 Schneiderman sought to enjoin Boymelgreen from doing business in New York until it could be determined whether Boymelgreen’s son, Sam, was acting as a frontman for his father’s business.

Today, it was reported that Boymelgreen will be “banned” from selling condos in New York. The humor in the settlement can be found in son – Sam, mentioned in THE REAL DEAL article in 2014. Is he not still to be a “front” and center concern in the family business?

We don’t hear much about Sam Boymelgreen but we do know that he is not precluded from doing business in New York. Why was he not included in the settlement? Or, did we miss something?

Certainly AG Schneiderman had to have considered in 2016 what was unsettling in 2014, that when father and son are engaged in the same business, a ban is not really a ban it is an invitation to switch heads of state. Or… rather… heads of family businesses.

We have posted the New York Times article regarding the audacious 2-year ban settlement for papa Boymelgreen. Below that, we have posted the article from THE REAL DEAL in 2014.

We repeat and reiterate, little has changed. Except perhaps, that while we have followed the news and learned that one must be wary of Boymelgreen, Leviev and others; Schneiderman has missed the current events page in his syllabus. He seems to think that a 2-year ban has meaning. It does not.

And then there’s the Broad Street/Wall Street, Arcady Gaydamak  Sam Pa, Platinum Partners, Leviev, Panama Papers connections…

 

Shaya-Boymelgreen-copy

FROM THE NEW YORK TIMES:

New York Attorney General Settles Inquiry Into Once-Successful Developer

Continue reading

DIAMOND JOE GUTNICK A FRAUD? Our Opinion…The Money is in Hiding…

Joseph Gutnick’s brother labels fallen millionaire a fraud

Shannon Deery, Herald Sun
August 25, 2016 3:34pm
Subscriber only

THE brother of Joseph Gutnick has dubbed the fallen millionaire a fraud claiming he sold a home from under him despite it meaning he and his family could be left homeless.

Now the brothers could be forced to face off in the Supreme Court as developers desperately try to have Abraham Gutnick evicted from his home of 14 years.

MORE: GUTNICK IN COURT ACTION TO REMOVE BROTHER FROM HOME

Joseph and Abraham Gutnick are at war over the sale of the St Kilda East property the former Demons president off-loaded as he faced bankruptcy.

Abraham says the brothers had an agreement dating to 2002 that the house was his in exchange for a Bondi property he says was left to him by their dad Chaim.

But on paper the house stayed linked to Joseph who paid all rent, utilities, rates and associated outgoings.
Abraham Gutnick leaves the Supreme Court. Picture: Jake Nowakowski
The Supreme Court heard today that when selling the property to developers, they were forced to sign a side agreement keeping the deal secret.

Abraham lives in the home with his wife, five children, and 88-year-old mother-in-law.

“We allege fraud against Joseph Gutnick,” his lawyer Kristine Hanscombe QC said today.

“Joseph Gutnick sells his property out from under his brother in a deceitful way.”

Abraham wants to appeal a Victorian Civil and Administrative Tribunal decision handing possession of the property to the developers that bought the home.

The matter is due to go to trial in the Supreme Court where evidence about the alleged agreement is expected to be heard.

Mr Gutnick, who was once worth $300 million, filed for bankruptcy last month.

 

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