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.
In his opening statement in Brooklyn federal court, lawyer Jose Baez said Nordlicht never defrauded investors, who included himself and his own family. 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.
tsk tsk
Madoff scam again ?
LOL, financial people.
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