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Any OT ballers have money invested with Platinum Partners?
Posted on 12/19/16 at 4:42 pm
Posted on 12/19/16 at 4:42 pm
Kiss it goodbye because it looks like another Ponzi scheme that just collapsed
quote:
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."
Posted on 12/19/16 at 4:44 pm to stout
quote:
Platinum Partners?
Thank goodness I only allocated a couple of million with them.
Posted on 12/19/16 at 4:44 pm to stout
I fricking love American Greed.
Posted on 12/19/16 at 4:45 pm to stout
Here's Gary's investment rule of the day: Don't give your money to an investor with "Platinum" in the name of their company. Or any other name synonymous with status.
Posted on 12/19/16 at 4:46 pm to stout
The Social Security Ponzi scheme will be the next to fall.
Posted on 12/19/16 at 5:19 pm to stout
I know a guy who works for another one of the LPs.
Posted on 12/19/16 at 5:21 pm to SLafourche07
quote:
another one of the LPs
Meaning one of the investors or one of the funds?
Posted on 12/19/16 at 5:29 pm to Mo Jeaux
Fund.
This post was edited on 12/19/16 at 5:30 pm
Posted on 12/19/16 at 5:32 pm to stout
I'm not worried about any damn Ponzi scheme. I've got all my money in Bill Ackman's Pershing Square.
Posted on 12/19/16 at 5:37 pm to stout
quote:
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
This guy needs to fire his writers.
Posted on 12/19/16 at 5:42 pm to OysterPoBoy
Hundreds of these scams operating out there and unfortunately there is no mechanism in place to quickly shut them down before its too late. The Feds need the ability to adequately police this industry.
Posted on 12/19/16 at 5:44 pm to ihometiger
Hope they enjoy that prison dick buffet.
Posted on 12/19/16 at 5:57 pm to SLafourche07
quote:
Fund.
Not anymore.
Posted on 12/19/16 at 5:57 pm to ihometiger
quote:
The Feds need the ability to adequately police this industry.
As in the hedge fund industry?
Posted on 12/19/16 at 6:35 pm to ihometiger
quote:Why? To protect people from their own greed & stupidity? Eff 'em!
The Feds need the ability to adequately police this industry
Posted on 12/19/16 at 6:51 pm to Mo Jeaux
The founder of Platinum was also founder of another brokerage firm that collapsed from securities fraud. He got away from that one without managing to get himself implicated, even though others went to jail.
I bet he doesn't have the same luck this time.
I bet he doesn't have the same luck this time.
Posted on 12/19/16 at 6:53 pm to LSURussian
LSURussian--
In your opinion, has the "edge" that Hedge Funds used to have dissipated over the years, as trading has become much easier for everyone online, and the information available became more instantaneous and accessible in the Internet age? Were early hedge fund guys like Julian Robertson just riding a lucky streak, or have the fundamentals of hedge funds changed? Any current advantage other than they don't have to disclose their trades?
In your opinion, has the "edge" that Hedge Funds used to have dissipated over the years, as trading has become much easier for everyone online, and the information available became more instantaneous and accessible in the Internet age? Were early hedge fund guys like Julian Robertson just riding a lucky streak, or have the fundamentals of hedge funds changed? Any current advantage other than they don't have to disclose their trades?
Posted on 12/19/16 at 6:56 pm to stout
Only had my 529 plan with. Thank god for TOPS
Posted on 12/19/16 at 6:59 pm to Spock's Eyebrow
quote:
I'm not worried about any damn Ponzi scheme. I've got all my money in Bill Ackman's Pershing Square.
Then you're having a shite year too
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