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Alternative Market Briefing

Investor-rights law firm investigates hedge fund Platinum Partners and its funds

Friday, July 29, 2016

Komfie Manalo, Opalesque Asia:

Investor-rights law firm Hagens Berman Sobol Shapiro LLP has initiated investigation of Platinum Partners LP and its flagship hedge funds, the Platinum Partners Value Arbitrage Fund and the Platinum Partners Credit Opportunities Fund, for potentially defrauding investors.

The firm’s investigation is focused on whether Platinum Partners paid investors who redeemed their hedge fund positions before June 2016 with money gained from newly incoming investors – the hallmarks of a Ponzi scheme. Hagens Berman is also investigating whether Platinum misstated the value of its investments, for which there was no public market price, and whether Platinum Partners executives, including Murray Huberfeld, Mark Nordlicht, and others, may have assisted in any wrongdoing that caused harm to Platinum investors.

After posting some of the most impressive investment returns in the industry, Platinum Partners announced liquidation of its two hedge funds in a July 20, 2016 letter to investors. Platinum Partners has apparently also suspended any redemption by investors.

Last month, it was reported that the Securities and Exchange Commission and the Department of Justice are both investigating Platinum Partners for bribery and fraud......................

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