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Fbi: NY hedge founder indicted in $1 billion fraud

NEW YORK – Federal authorities say they are unsealing an indictment charging a hedge fund founder, and six others in a $1 billion fraud.

The Procurator of the s. S. Robert L. Capers in New York City, a planned press conference for Monday to discuss the case against Platinum ners chief investment officer, Mark Nordlicht.

In June, the FBI arrested an old employee of Nordlicht, Murray Huberfeld, together with Norman Seabrook, the head of the nation’s largest municipal prison guard union.

The federal government alleged Seabrook got tens of thousands of dollars in cash, in exchange for steering $20 million of the union money to the hedge fund. Seabrook and Huberfeld have pleaded not guilty.

There was no immediate information on a lawyer who can respond to Nordlicht process. Platinum representatives did not immediately respond to a comment request.

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