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Komfie Manalo, Opalesque Asia:

Now another law firm has initiated an investigation against troubled hedge fund firm Platinum Partners. On Wednesday Girard Gibbs LLP said it has opened a fraud investigation into Platinum Partners on behalf of investors. Specifically, the firm is investigating two Platinum Partners hedge funds: the Platinum Partners Value Arbitrage Fund and the Platinum Partners Credit Opportunities Fund.

The firm is investigating:

• Whether Platinum Partners operated as a Ponzi scheme by paying investors who redeemed their hedge fund positions with money obtained from later investors;
• Whether Platinum Partners overstated the value of its investments; and
• Whether Platinum Partners’ executives may have assisted in any wrongdoing that caused harm to Platinum Partners investors.

Investor-rights law firm starts probe against Platinum and its funds

The move of Girard Gibbs comes less than a week after investor-rights law firm Hagens Berman Sobol Shapiro LLP said it was investigating Platinum Partners and its flagship hedge funds for potentially defrauding investors.

The firm’s investigation is focused on whether Platinum Partners paid investors who redeemed th......................

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