FRIENDS OF ROB ASTORINO
As the current criminal trial against Norman Seabrook and others plays out, our previous statements connecting the dots to Mark Nordlicht, Platinum Partners, Echo Therapeutics, Jona Rechnitz, Africa Israel, Black Elk and the current bankruptcy should become more and more obvious.
Anyone who thinks that each movement of Platinum and its ever Philanthropic Partners are exclusive of one another is simply missing the big picture. If someone would take a diamond in exchange for a wide angle lens, perhaps the creditors of Platinum Partners and Echo Therapeutics, the COBA members defrauded of millions might actually get justice and some of their money back. There are no coincidences. And we believe, it’s all a diamond in the rough.
Mark Nordlicht knows his way around paying money for what he wants. Let’s not be naive. Neither you nor him were born yesterday.
Platinum founder’s lawyers appeal order barring contact with witnesses
NEW YORK (Reuters) – Lawyers defending Platinum Partners founder Mark Nordlicht in a $1 billion fraud case have asked a U.S. appeals court to allow them to communicate with potential government witnesses, calling a judge’s order blocking them from doing so unconstitutional.
In a brief filed on Wednesday in the 2nd U.S. Circuit Court of Appeals, Nordlicht’s lawyer said U.S. District Judge Dora Irizarry’s ban on communicating with potential government witnesses was “unprecedented” and “inconsistent with the most basic principles of impartiality and fairness.”
Without being allowed to contact potential witnesses or their lawyers, the brief said, Nordlicht’s lawyers could not prepare an adequate defense for him.
Prosecutors in December charged Nordlicht and six other executives at the hedge fund firm with running a $1 billion “Ponzi-like” fraud in which they overvalued assets and selectively paid some investors ahead of others. All pleaded not guilty.
The company’s funds have been placed under the control of a court-appointed receiver. Platinum was known for producing exceptionally high returns – about 17 percent annually in its largest fund.
Irizarry ordered the ban on witness contact at a hearing in Brooklyn federal court last Friday, saying she believed Nordlicht’s lawyers had tried to intimidate a potential witness. William Burck, a lawyer for Nordlicht, denied that.
A spokesman for U.S. prosecutors in Brooklyn declined to comment on Friday.
Irizarry’s order stemmed from a letter in which Nordlicht’s lawyers expressed their understanding that a former Platinum employee was a key government witness, identified in other court papers only as “CW-1.”
In the letter, addressed to the former employee’s lawyer, Nordlicht’s lawyers said they doubted an FBI agent’s claim that the witness told him Platinum was engaged in fraud. The agent relied on that statement in seeking a warrant to search Platinum’s office last year.
Nordlicht’s lawyers said if the employee really made such a self-incriminating statement, he must have reached a deal with prosecutors. His new employer would have been required to disclose such a deal to investors but never did, Nordlicht’s lawyers said.
In an Aug. 9 court filing, prosecutors called the letter an attempt to confirm that the former Platinum employee was CW-1, and a “veiled threat” to contact his subsequent employer.
In a filing the following day, Nordlicht’s lawyers said they wanted only to find out what CW-1 really told the FBI agent, so they could move to suppress evidence from the search if the agent’s account was wrong.
August 17, 2017
VIA WEB POSTING
United States District Court for the Eastern District of New York
Case No.: 1:16-cv-06848-DLI-VMS
I am writing to you as the newly-appointed receiver of Platinum Credit Management, L.P.; Platinum Partners Credit Opportunities Master Fund LP; Platinum Partners Credit Opportunities Fund (TE) LLC; Platinum Partners Credit Opportunities Fund LLC; Platinum Partners Credit Opportunity Fund (BL) LLC; Platinum Liquid Opportunity Management (NY) LLC; and Platinum Partners Liquid Opportunity Fund (USA) L.P. (collectively, the “Receivership Entities” or “Platinum”) (collectively, “Platinum”). As Receiver, I am charged with, among other things, (i) taking control of and managing Platinum’s property and records (the “Receivership Assets”), (ii) taking actions as necessary and appropriate to preserve Receivership property, and (iii) taking actions as necessary and appropriate for the orderly liquidation of the Receivership Assets. The purpose of this letter is to advise you of the initial progress since my appointment and to explain how I intend to respond to your inquiries.
On June 23, 2017, the prior receiver, Bart M. Schwartz, resigned. As a result, by Order dated July 6, 2017, the Court appointed me as Receiver for the Receivership Entities. On July 21, 2017, the Court approved the retention of Otterbourg, P.C. as my legal counsel and Goldin Associates LLC as my financial advisor (collectively, the “Receivership Team”). Unless specifically modified, all previous court orders remain in place. A Second Amended Order Appointing Receiver, which sets forth the rights and responsibilities of the Receiver is expected to be entered in the near term. All documents, including a copy of the original Complaint for Injunctive and Other Relief against Platinum and its principals, Mark Nordlicht, David Levy, Daniel Small, Uri Landesman, Joseph Mann, Joseph Sanfilippo, and Jeffrey Shulse, filed by the Securities & Exchange Commission (“SEC”), Temporary Restraining Order, and Order Appointing Receiver can be viewed on this website.
Upon my appointment, the Receivership Team took immediate steps to secure and take control over Platinum’s accounts and books and records and implement cash management procedures. I also implemented procedures for the review and approval of all expenditures. The Receivership Team has prepared a 13-Week Cash Receipts and Disbursements Forecast, performed weekly actual vs. forecasted variance analyses, and is conducting daily and weekly reconciliations of Platinum’s cash and brokerage accounts.
The opening investment portfolio consisted of 90 investments in 69 entities. The assets of the Receivership Entities are diverse, but generally fall into three main asset categories: (i) life settlement investments (e.g., investments in life insurance policies), (ii) litigation finance investments, and (iii) “other” assets, which are primarily concentrated in the metals and mining and energy sectors, in companies that are mostly in the developmental stages. The nature of the Receivership Entities’ investments in the “other” assets varies. The Receivership Team is undertaking a thorough financial and legal analysis of the Receivership Entities’ position(s) in each investment, the rights of the Receivership Entity in the capital structure and pursuant to the operative documents, assessing the maintenance costs of the asset, and options available to the Receiver with respect to the monetization of the investment.
During the short time that I have been in control of the Receivership Assets, certain investments totaling approximately $8.6 million have been liquidated or are on the verge of liquidation. None of these assets has been liquidated in “fire sale” fashion. Indeed, one of them was monetized at par value. I believe that the life settlement and certain of the litigation finance investments are liquid and that there may be additional funds realized from their liquidation in the next several months.
As a general matter, however, I have not found support for the values reflected on Platinum’s books or for certain early indications of value in the Receivership. I look forward to working with Houlihan Lokey Financial Advisors, Inc., which I have retained to provide valuation services, and developing supportable valuation assessments.
I will report on our efforts by filing periodic reports with the Court. The reports will also be posted to this website set forth above. The most recent report: My Initial Status Report to the Court, which was filed on August 10, 2017, provides a more detailed review of the actions taken since my appointment and can be found on this website.
You can send general email inquiries to email@example.com. Although my staff and I will review all emails we receive, it is not practical for us to respond personally to all messages, not least because it would consume a significant amount of time. Accordingly, we will update the Frequently Asked Questions (“FAQ”)section on this website as needed to reflect your inquiries and our responses.
Thank you in advance for your cooperation and understanding.
Melanie L. Cyganowski
Learn more about the Settlement by downloading the documents below.
- Exhibits to the Complaint
- Order Appointing Receiver Schwartz
- The Receiver’s First Quarterly Status Report for the Period December 19, 2016 through March 31, 2017
- Securities and Exchange Commission’s Application for an Order to Show Cause for Entry of a Second Amended Order Appointing Receiver and Appointment of a Substitute Receiver
- Securities and Exchange Commission’s Memorandum in Support of Its Application for an Order to Show Cause for Entry of a Second Amended Order Appointing Receiver and Appointment of a Substitute Receiver
- Declaration of Melanie L. Cyganowski dated June 26, 2017
- Declaration of Neal Jacobson Pursuant to Local Rule 6.1(d) in Support of Application for an Order to Show Cause
- Facsimile Letter from Melanie L. Cyganowski to Judge Irizarry Regarding the Proposed Order Appointing Receiver
- Order Approving Retention of Otterbourg P.C.
- Order Approving Retention of Goldin Associates LLC
- The Receiver’s Initial Status Report to the Court
Platinum Partners Credit Opportunities Master Fund LP
Platinum Partners Credit Opportunities Fund (TE) LLC
Platinum Partners Credit Opportunities Fund LLC
Platinum Partners Credit Opportunity Fund (BL) LLC
Platinum Liquid Opportunity Management (NY) LLC
Platinum Partners Liquid Opportunity Fund (USA) L.P.
230 Park Avenue
New York, NY 10169
Attention: Adam C. Silverstein
Erik B. Weinick
350 Fifth Avenue
The Empire State Building
New York, NY 10118
Attention: Marc Kirschner
1:16-cr-00640-DLI-1 Mark Nordlicht
1:16-cr-00640-DLI-2 David Levy
1:16-cr-00640-DLI-3 Uri Landesman
1:16-cr-00640-DLI-4 Joseph Sanfilippo
1:16-cr-00640-DLI-5 Joseph Mann
1:16-cr-00640-DLI-6 Daniel Small
1:16-cr-00640-DLI-7 Jeffrey Shulse
Docket Items for the above cases can be located at the PACER portal for the Eastern District of New York, located here.
Letter Regarding Proposed Mortgage by Westchester Torah Academy
To the writers of the below letter, we believe that the entirety of the Mortgage, or the underlying assets is/are structurally unsound. We believe that Mark Nordlicht’s finances are heavily intertwined with the academy and would gladly send out research along. We have tried to publish information here.
You have reason to be worried. The money, in our view, is going towards creative accounting on the books and records of Nordlicht as his financial dealings interact with WTA and with ease in whichever form he chooses, whether as accounting against loans or receivables.
The Platinum swindle, Nordlicht’s involvement in WTA and the Huberman connection are no wild coincidences.
See the letter below.
On December 19, 2016, the United States Attorney’s Office for the Eastern District of New York announced the indictments of seven individuals who were then or were previously associated with Platinum Partners. The same day, the U.S. Securities and Exchange Commission filed a civil complaint in the United States District Court for the Eastern District of New York against the same individuals, along with certain Platinum corporate entities. Together with its complaint, the SEC asked the Court to appoint a Receiver over several Platinum entities affiliated with Platinum Partners Credit Opportunities Master Fund LP and Platinum Partners Liquid Opportunity Master Fund LP. The Court appointed Bart M. Schwartz as Receiver. Important filings in these cases are linked below. This page will be updated regularly.
U.S. Securities and Exchange Commission Filings
- 07.05.17 SEC Reply in Further Support of OSC
- 06.30.17 Notice and Standing Order — A number of “interested parties,” consisting of purported creditors or victims of the defendants as a result of the securities and wire fraud alleged in this case, through their attorneys, have added themselves to the docket of this case, without seeking leave of the Court to do so. In some cases, the attorneys are admitted to practice in this Court, in others, the attorneys have sought leave to appear pro hac vice and those applications have been denied by order entered today. ANY PERSON, PERSONS, OR ENTITIES WHO ALLEGE TO BE CREDITORS OR VICTIMS ARE HEREBY PROHIBITED FROM ADDING THEMSELVES TO THE DOCKET OF THIS CASE. SUCH PERSONS SHOULD COMMUNICATE EITHER WITH THE SEC OR THE U.S. ATTORNEY’S OFFICE OF THIS DISTRICT AS THEY REPRESENT THE AGGRIEVED IN THIS CASE. None of these parties have been given leave by the Court to intervene in this action. Indeed, some never sought leave to do so. Moreover, by inappropriately adding themselves to the docket, they have created problems with the ECF system in this case. Finally, other individuals have faxed letters to chambers without first seeking permission to do so. FAXING TO CHAMBERS IS BY PERMISSION OF THE COURT ONLY. While the Court is mindful that there are victims in this case, the Court will not tolerate any violations of Court rules or procedures. NO FILINGS OR APPEARANCES WILL BE PERMITTED, UNLESS THEY ARE PERSONS WHO ARE NAMED IN THE COMPLAINT AND WHO HAVE BEEN GIVEN EXPLICIT PERMISSION OF THE COURT TO APPEAR. THE COURT WILL NOT ENTERTAIN ANY MOTION TO INTERVENE BASED SOLELY ON THE FACT THAT THE PROPOSED INTERVENOR IS A VICTIM OR CREDITOR. AGGRIEVED PERSONS SHALL CONTACT THE SEC AND THE U.S. ATTORNEY’S OFFICE FOR THE EASTERN DISTRICT OF NY AND THOSE ENTITIES ARE DIRECTED TO PRESENT THOSE POSITIONS TO THE COURT AND DEFENDANTS. SO ORDERED by Chief Judge Dora Lizette Irizarry on 6/30/2017.
- 06.30.17 Letter seeking an Order Authorizing the Receiver to Retain and Pay Reed Smith by Bart M. Schwartz
- 06.30.17 Motion for Leave to File Reply in Further Support of Motion for Entry of Second Amended Order Appointing Receiver and Appointing Substitute Receiver by United States Securities and Exchange Commission
- 06.30.17 Letter seeking retention of Deloitte Tax LLP by Bart M. Schwartz
- 06.30.17 Letter MOTION for Leave to File Statement of Position Concerning the SEC’s Application to Appoint a New Receiver by Beechwood Re Limited, Beechwood Bermuda International Ltd.
- 06.30.17 Letter to the The Honorable Dora L. Irizarry regarding the Receiver’s Proposed Order, by Mark Nordlicht, Platinum Management (NY) LLC
- 06.30.17 Letter in response to the Letter for Approval of Resignation of Receiver by Bart M. Schwartz, the Application for an Order to Show Cause for Entry of a Second Amended Order Appointing Receiver
- 06.30.17 Letter to Honorable Dora L. Irizarry in accordance with the Court’s June 27, 2017 Order by Schafer and Weiner, PLLC
- 06.30.17 Letter Regarding Information Sharing Agreement from Levy
- 06.30.17 Independent Investor Letter Regarding OSC
- 06.30.17 Letter from Walla Regarding Arabella
- 06.29.17 Individual Defendants Response Regarding Bart M. Schwartz Resignation
- 06.29.17 Heartland Bank Response Regarding Bart M. Schwartz Resignation
- 06.28.17 Letter to The Honorable Dora L. Irizarry respectfully responding to the SEC’s motion in accordance with the Court’s Order dated June 27, 2017 by David Levy
- 06.28.17 Independent Investor letter Regarding Resignation
- 06.28.17 Letter Application for an Order Authorizing the Retention and Payment of Limited Scope Legal Professionals by Bart M. Schwartz
- Exhibit 1 – Declaration of Daniel M. Burstein, executed June 28, 2017
- Exhibit 2 – Fee Application of Hoover Slovacek, LLP
- Exhibit 3 – Fee Application of Cooper & Scully, P.C.
- Exhibit 4 – Fee Application of Ahmad, Zavitsanos, Anaipakos, Alavi & Mensing P.C.
- Exhibit 5 – Fee Application of Barrasso Usdin Kupperman Freeman & Sarver, LLC
- Exhibit 6 – Fee Application of Benesch, Friedlander, Coplan & Aronoff LLP
- Exhibit 7 – Fee Application of Ganfer & Shore, LLP
- Exhibit 8 – Fee Application of Bryan Cave LLP
- Exhibit 9 – Fee Application of Maslon LLP
- Exhibit 10 – Fee Application of Morrison Cohen, LLP
- Exhibit 11 – Certification of Paneth & O’Mahony, PLLC
- Exhibit 12 – Fee Application of Virtus Law LLP
- Exhibit 13 – Certification of Stikeman Elliot LLP
- Exhibit 14 – Fee Application of Walkers
- Exhibit 15 – Fee Application of Chediak Advogados
- Exhibit 16 – Fee Application of Leite, Tosto E Barros Advogados Associados
- Exhibit 17 – Certification of Allen & Overy LLP
- Exhibit 18 – Certification of Demarest Advogados
- Exhibit 19 – Fee Application of Kessler Collins, P.C.
- Exhibit 20 – Fee Application of O’Connell Law, PLLC
- Exhibit 21 – Proposed Order
- 06.27.17 Order Response to Motion, filed by Heartland Bank, Letter filed by David Levy, Joseph Mann, Uri Landesman, Jeffrey Shulse, Daniel Small, Joseph Sanfilippo, Mark Nordlicht — The Individual Defendants’ and Heartland Bank’s request to be heard in connection with the application by the SEC for the appointment of a new receiver is granted. The Court already has entered a scheduling order and will hear the parties further on July 7, 2017. Said parties are to file their written responses to the SEC’s motion NO LATER THAN JUNE 30, 2017 BY 3:00 PM AND PROVIDE HARD COPIES TO CHAMBERS BY THEN AS WELL. The Individual Defendants in their letter seem to make a number of arguments in opposition to the SEC’s request; any additional arguments shall be presented to the Court in the filing due on June 30, 2017. The parties should also indicate whether they would approve of Melanie Cyganowski as the new receiver should the Court grant the SEC’s application. NO EXTENSIONS WILL BE GRANTED. With respect to the conference to be held on July 7, 2017, the parties should be prepared to address whether decision on any pending motions made by the Receiver for various authorizations should be stayed pending the Court’s decision on the motion to appoint a new receiver. SO ORDERED by Chief Judge Dora Lizette Irizarry on 6/27/2017.
- 06.27.17 Letter in response to the SEC’s letter dated 6/21/17 by Bart Schwartz
- 06.27.17 Letter by United States Securities and Exchange Commission
- 06.27.17 Order denying Motion for Hearing — As an initial matter, the letter requesting a hearing concerning the payment of compensation for past employment to two employees was addressed to the Hon. Kiyo A. Matsumoto, U.S.D.J., who is not assigned to this case. It should have been addressed to the undersigned. For the reasons set forth in the letter filed by the current Receiver opposing the disbursement, which is joined in by the SEC, the request to lift the stay imposed in December 2016 Order appointing the Receiver, and amended in January 2017, is denied. The employees stand in the same position as other creditors and victims in this case. Moreover, given that a new receiver likely will be appointed, it is inappropriate to grant any such request at this time. SO ORDERED by Chief Judge Dora Lizette Irizarry on 6/27/2017.
- 06.27.17 Order denying Motion for Leave to Electronically File Document under Seal ; denying Motion for Leave to Electronically File Document under Seal — The SEC’s request to file under seal its letter regarding the termination of the Receivership of Mr. Bart M. Schwartz (“Receiver”) is denied. The SEC set forth no factual basis warranting the filing under seal other than representing that it contained certain “sensitive matters bearing on the Receivership.” Particularly disturbing is that counsel for Defendants Nordlicht and Platinum Management (NY), LLC (PMNY), in opposing the sealing, notes that, in effect the motion was made ex parte, as the SEC refused to provide the document it seeks to seal, but advised counsel that, if the court granted the motion to seal, the SEC would not oppose any motion to unseal it. The Court agrees with counsel that, by its conduct, the SEC improperly filed a document ex parte without leave of the Court and without proper notice to the parties. Moreover, the SEC’s representation clearly indicates that sealing is not necessary, but rather a sheer waste of the Court’s time and resources and perhaps gamesmanship, which this Court previously advised the parties it would not tolerate. The Receiver’s request to file its document under seal also is rejected, because his request is made solely on the basis that the SEC filed its papers under seal. ALL PARTIES ARE HEREBY ADMONISHED THAT UNDER NO CIRCUMSTANCES IS ANY PARTY TO MAKE AN APPLICATION FOR THE SEALING OF ANY DOCUMENT VIA ECF ON ITS OWN. NOR IS ANY PARTY TO FILE ANY DOCUMENT UNDER SEAL. IF A PARTY WISHES TO FILE A DOCUMENT UNDER SEAL, A PDF OF THE DOCUMENT SHALL BE EMAILED TO MY CASE MANAGER, CHRISTY CAROSELLA, AND TWO HARD COURTESY COPIES ARE TO BE FORWARDED TO HER ATTENTION FORTHWITH. IF THE SEALING IS GRANTED, THEN THE COURT WILL HAVE THE DOCUMENT FILED UNDER SEAL. ANY PARTY VIOLATING THIS PROCEDURE WILL BE SANCTIONED AND ANY DOCUMENT FILED UNDER SEAL IN CONTRAVENTION OF THIS ORDER SHALL BE STRICKEN SUMMARILY. Finally, despite previous admonitions to the parties to provide 2 hard courtesy copies of all filings to chambers immediately upon filing, the Court is not receiving hard courtesy copies of filings by all parties. The parties are reminded again to provide 2 hard courtesy copies to chambers IMMEDIATELY upon filing, such that they are received NO LATER THAN THE NEXT BUSINESS DAY BY 4:00 PM. SO ORDERED by Chief Judge Dora Lizette Irizarry on 6/27/2017.
- 06.27.17 Scheduling Order regarding the Unsigned Order to Show Cause filed by United States Securities and Exchange Commission — A Show Cause Hearing will be held on July 7, 2017 at 10:30 AM in Courtroom 4 A South. So Ordered by Chief Judge Dora Lizette Irizarry on 06/27/2017.
- 06.26.17 Heartland Bank Letter Regarding New Receiver
- 06.26.17 Individual Defendants Letter Regarding New Receiver
- 06.26.17 SEC Unsigned OSC Regarding New Receiver
- 06.26.17 Declaration of Neal Jacobson In Support of OSC
- 06.26.17 Declaration of Melanie Cyganowski
- 06.26.17 SEC Second Amended New Receiver Order Redlined
- 06.26.17 SEC Second Amended New Receiver Order
- 06.26.17 SEC MOL in Support of OSC Regarding New Receiver
- 06.26.17 Proposed Order Regarding New Receiver
- 06.26.17 SEC Application for an Order to Show Cause for Entry of a Second Amended Order Appointing Receiver and Appointment of a Substitute Receiver
- 06.23.17 Stipulation Regarding Information Sharing
- 06.23.17 Monitor Resignation Letter
- 06.08.17 Letter regarding First Joint Interim Application of Receiver and Guidepost Solutions, LLC for Allowance of Compensation and Reimbursement of Expenses by Bart Schwartz
- 06.08.17 Letter Regarding Fee Applications by United States Securities and Exchange Commission
- 06.08.17 Letter regarding the First Application of Cooley LLP for Allowance of Compensation and Reimbursement of Expenses by Bart Schwartz
- 06.02.17 SEC Response to Novak Employee Letter
- 05.31.17 Status Letter Regarding Fee Applications by United States SEC
- 05.31.17 Receiver Response to Novak Employee Letter
- 05.30.17 First Motion for Hearing to Lift Stay so Employees Can Sue to Obtain Payment for Past Services
- 05.30.17 Letter Responding to Plaintiff’s 05.19.17 Letter by David Levy
- 05.26.17 Letter Responding to Plaintiff’s 05.19.17 Letter by Mark Nordlicht, Platinum Management (NY) LLC
- 05.24.17 Letter Submitting Cooley’s First Fee Application by Bart Schwartz
- 05.24.17 Letter Submitting Receiver and Guidepost’s First Fee Application by Bart Schwartz
- 05.19.17 Status Letter to Court
- 05.17.17 Settlement Agreement – Platinum Partners and Black Elk
- 04.27.17 First Quarterly Report
- 04.18. 17 Letter in Further Response to Receiver Request
- 04.14.17 Letter Providing Additional Information to Aid the Court’s Consideration of the Receiver’s 03.23.2017 Letter
- 04.04.17 Letter in Further Response to Receiver Request
- 03.31.17 Letter for Chief Judge Dora L. Irizarry
- 03.30.17 Letter In Response to the Receiver’s Request to Expand the Scope of the Current Receivership
- 03.29.17 Letter in Response to Receiver Request
- 03.23.17 Letter on Behalf of the Receiver Respectfully Requesting that this Court Expand the Scope of the Current Recivership
- 03.23.17 Letter on Behalf of the Receiver Requesting the Court’s Approval to Retain and Pay Houlihan Lokey
- 03.22.17 Letter On Behalf of the Receiver Seeking the Court’s Permission to Retain PricewaterhouseCoopers LLP
- 03.08.17 Order Authorizing Receiver to Provide DIP Financing for Northstar Offshore Group LLC.
- 03.08.17 Order on Consent Imposing Preliminary Injunction and Other Relief
- 03.03.17 Letter Requesting Entry of Proposed Order on Consent Imposing Preliminary Injunction
- 02.17.17 Letter in Response to the Receiver’s Request to Expend Funds
- 02.17.17 Letter Respectfully Requesting that this Court Issue an Order Authorizing the Receiver to Expend Funds
- 02.17.17 Exhibit: Proposed Order Authorizing Receiver to Provide DIP Financing for Northstar Offshore Group LLC.
- 02.16.17 Letter In Response to Orders of 02.14.2017 and 02.16.2017
- 01.31.17 Affidavit / Declaration in Support of Motion for More Definite Statement Application for Order Approving the Retention of Cooley LLP
- 01.31.17 Motion for Definite Statement Application for Order Approving the Retention of Cooley LLP.
- 01.31.17 Affidavit/ Declaration In Support for Motion for Definite Statement
- 01.31.17 Motion for More Definite Statement
- 01.30.17 Letter advising the Court of Recent Developments in Advance of the Order to Show Cause Hearing
- 01.27.17 Affidavit / Declaration in Support: Motion for Order to Show Cause filed by Bart Schwartz
- 01.26.17 Letter on behalf of the Receiver Bart Schwartz advising the Court of recent developments in advance of the Order to Show Cause hearing
- 01.24.17 Letter from Celia Goldwag Barenholtz on behalf of Bart Schwartz
- 01.24.17 Affidavit / Declaration in Support: Joint Motion for Order to Show Cause Reply Declaration of Receiver Bart M. Schwartz
- 01.24.17 Affidavit / Declaration in Support: Joint Motion for Order to Show Cause Declaration of Christopher D. Lindstrom
- 01.24.17 Reply in Support: Joint Motion for Order to Show Cause
- 01.19.17 Affidavit / Declaration in Opposition: Joint Motion for Order to Show Cause by Craig Smyser
- 01.19.17 Response in Opposition: Joint Motion for Order to Show Cause filed by Richard Schmidt
- 01.13.17 Affidavit / Declaration in Support: Consent Motion for More Definite Statement Motion for an Order Lifting the Litigation Stay
- 01.12.17 Consent Motion for More Definite Statement Motion for an Order Lifting the Litigation Stay
- 01.09.17 Memorandum in Support: Joint Motion for Order to Show Cause
- 01.09.17 Affidavit / Declaration in Support of Joint Motion for Order to Show Cause Declaration of Neal Jacobson
- 01.09.17 Affidavit / Declaration in Support of Joint Motion for Order to Show Cause
- 01.09.17 Joint Motion for Order to Show Cause by Bart Schwartz, United States Securities and Exchange Commission
- 12.19.16 Complaint
- 12.19.16 Notice
- 12.19.16 Order Appointing Receiver
- 12.19.16 Proposed Order to show cause, temp restraining order, order appointing receiver, and granting other relief
- 12.19.16 Proposed Order
- 12.19.16 SummonsJoint Motion for Order to Show Cause by Bart Schwartz, United States Securities and Exchange Commission
- 12.19.16 Minute Entry For Proceedings Held Before Magistrate Judge Lois Bloom – Arraignment as to Mark Nordlicht
- 12.19.16 Minute Entry For Proceedings Held Before Magistrate Judge Lois Bloom – Arraignment as to Joseph Sanfilippo
- 12.19.16 Minute Entry For Proceedings Held Before Magistrate Judge Lois Bloom – Arraignment as to Daniel Small
- 12.19.16 Minute Entry For Proceedings Held Before Chief Judge Dora Lizette Irizarry – Arraignment as to David Levy
- 12.19.16 Minute Entry For Proceedings Held Before Magistrate Judge Lois Bloom – Arraignment to Uri Landsman
- 12.19.16 Minute Entry for Proceedings Held Before Magistrate Judge Lois Bloom – Arraignment As To Joseph Mann
- 12.19.16 Order for Acceptance of Cash Bail
- 12.19.16 Arrest Warrant
- 12.14.16 Indictment
MURRAY HUBERFELD, MARK NORDLICHT AND OBTIONABLE….
Thanks to our contributor on this one. – LM
Murray Huberfeld grew up in the Bronx and growing up became accustomed to selling off bogus and fraudulent deals. He never grew out of the habit, evidenced by relentlessly ongoing activities in private sector and public market activities. Every case or situation in which he continues to remain unscathed represents an unfortunate continuation of the status quo. He is a link to the Rothstein scandal. I wonder what that’s a link to. Arnold Rothstein?
Optionable Inc, the brokerage located in Valhalla, New York, transacts in the brokerage of
energy derivatives to brokerage and financial services firms globally. On January 22, 2007, NYMEX Holdings, parent to the New York Mercantile Exchange, issued a news release that the they were purchasing a 19% stake in the pink sheet Optionable Inc (OTC:OPBL). While the purchase may be questionable in and of itself, the history of those involved and one particular person tend to stand out.
NYMEX Chairman R. Schaeffer’s announcement of a 19% stake in Optionable, which increased revenues to $16 million from under $6 million. Such was reflected in Optionable’s stock price. But behind the commodity derivative brokerage’s arguably manufactured numbers exists a clinging reliance on related party transactions and often depends on one sole supplier or customer. Such parties include Capital Energy Services, a firm with a President and CEO accounting for a significant interest in Optionable’s revenue last year.
The Bank of Montreal must come as no surprise. According to Optionable filings, this bank accounted for a comparable amount of the Company’s revenues. Optionable received an advantage from this practice, achieving almost 80% margins when otherwise comparing to 56% with nonrelated parties.
David Lee, Bank of Montreal Commodity Trader, accounted for 18% of Optionable’s revenue. Mark Nordlicht founded Optionable Inc in 2000 with the backing of his like-minded morally challenged father, Jules Nordlicht, who had been federally prosecuted for manipulating the oil markets and withholding $27 million in illegal profits.
According to an April 2017 New York Post Article by Roddy Boyd, Jules owns 2.19 million shares.
635 Beach 19th Street
Far Rockaway, NY 11691
Source: OTC Markets
NY Post: Roddy Boyd