Ex-Platinum CFO Troubled By Business Methods, Jury Hears
Law360, New York (May 23, 2019, 8:38 PM EDT) — A former chief financial officer of Platinum Partners on Thursday told a New York federal jury weighing the fate of the hedge fund manager’s former top executives of his unease with the company’s problematic business practices and lack of cash to fund operations and pay back investors.
Daniel Mandelbaum, 42, took the witness stand in the late afternoon in the monthlong trial of Platinum founder Mark Nordlicht, former co-chief investment officer David Levy and ex-chief financial officer Joseph SanFilippo, who stand accused of defrauding investors.
Mandelbaum, who said he worked at Platinum for a scant 9 1/2 months, testified of how he became “very uncomfortable” with Platinum’s way of doing business after taking the CFO job in late 2014 at the urging of his friend and Platinum chief operating officer Naftali Manela, who pled guilty in 2016.
NEW YORK–(BUSINESS WIRE)–Platinum Partners, a New York-based hedge fund adviser, is pleased to announce the appointment of Daniel Mandelbaum to the role of Chief Financial Officer. Bringing with him sixteen years of hedge fund experience, Mr. Mandelbaum is responsible for overseeing the firm’s financial and reporting functions.
“We are delighted that Daniel has joined Platinum, adding technical operations knowledge that will both enhance and strengthen the firm’s financial infrastructure”
Tweet this“We are delighted that Daniel has joined Platinum, adding technical operations knowledge that will both enhance and strengthen the firm’s financial infrastructure,” said Mark Nordlicht, Chairman and Co-Chief Investment Officer of Platinum Partners. “His appointment is indicative of our commitment to maintaining a superior leadership team in order to meet the evolving needs of our investors.”
Prior to joining Platinum Partners, Mr. Mandelbaum served as Chief Financial Officer and Chief Operating Officer for Royal Capital Management, LLC, a New York City-based fundamental long/short equity firm, where he worked for thirteen years. During his tenure he was responsible for overseeing all business development as well as financial, tax, operational and compliance issues.
Mr. Mandelbaum is a Certified Public Accountant, and began his career in Capital Markets group for PricewaterhouseCoopers where he focused primarily on auditing hedge funds.
About Platinum Partners
Platinum Partners (the “Firm”) is a New York based investment management group with more than $1 Billion in assets under management. The Firm was founded in 2003 by Mark Nordlicht, an investor with over twenty years of experience in the asset management space.
Contacts
For Platinum Partners:
Cary Ruterman, 212-279-3115 ext. 123
cruterman@prosek.com
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