Platinum Partners hedge fund executives are charged in $1-billion fraud case | WHAT REALLY HAPPENED


Platinum Partners hedge fund executives are charged in $1-billion fraud case

Hedge fund executives were charged Monday in a $1-billion fraud case linked to a deadly oil rig explosion in the Gulf of Mexico.

Officials with Platinum Partners were to appear in federal court in Brooklyn, N.Y., to face charges that they lied to investors about the performance of a fund that ran into trouble when one of its assets, the Black Elk oil exploration company, had a rig explode in 2012 near the Louisiana coast. Three people died in the blast.

Mark Nordlicht, Platinum Partners' chief investment officer, was charged with securities fraud conspiracy and other offenses. Six other people, including the former chief financial officer at Black Elk, were named in an indictment that details an alleged scheme that cheated investors out of $1 billion.

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