NEW YORK: Investors in the defunct billion-dollar hedge fund firm Platinum Partners had ample notice they might not get their money back, a lawyer for Platinum founder Mark Nordlicht told jurors on Tuesday, urging them to acquit his client of criminal fraud charges.
The trial began early Tuesday afternoon with an opening statement from Assistant U.S. Attorney Patrick Hein. In one scheme, Hein said Platinum overvalued the often-illiquid assets of its flagship hedge fund, reported false annualized returns topping 17 percent and selectively paid out cash to some investors over others.In the second scheme, Nordlicht and Levy defrauded bondholders in Black Elk, an oil exploration company Platinum owned, by diverting money from asset sales to Platinum ahead of Black Elk's 2015 bankruptcy, Hein said.
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