Any OT ballers have money invested with Platinum Partners?

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For more than a decade, Platinum Partners reported some of the biggest gains in the hedge-fund industry, even as many of its investments seemed to go horribly wrong.

Now, federal prosecutors in Brooklyn say the $1.7 billion hedge fund’s industry-beating returns were based on lies. On Monday, co-founder Mark Nordlicht and six associates were charged with fraud. They’re accused of inflating the book value of unprofitable oil projects to make the fund’s performance look better in what the government called a $1 billion fraud and a "Ponzi-esque" scheme.

"In the end, Platinum held no more value than a tarnished piece of cheap metal," Brooklyn U.S. Attorney Robert Capers said at a news conference. "Nordlicht and his cohorts engaged in one of the largest and most brazen investment frauds perpetrated on the investing public, earning Platinum more than $100 million in fees during the charged conspiracy."

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