News

The Latest: NY hedge founder pleads not guilty

NEW YORK – The Latest in a hedge fund founder and six others charged with fraud (all times are local):

4:15 pm

A hedge fund executive has pleaded not guilty to securities fraud conspiracy in New York following costs in a $1 billion fraud case linked to an oil rig explosion in the Gulf of Mexico that killed three workers.

Mark Nordlicht, founder and chief investment officer of Platinum ners and six other defendants were named in an indictment Monday. They are accused of lying to investors about the performance of a fund that ran into trouble as one of the most important assets, the Black Elk oil exploration company, had a rig explode in 2012 from Louisiana.

Nordlicht entered his plea in federal court in Brooklyn. The 48-year-old from New Rochelle, New York, is released on $5 million bond.

Researchers say that e-mails between Nordlicht and others show that they knew of the scheme is committed to Platinum investors.

___

8:30 pm

The federal authorities say that 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.

Follow us

Don't be shy, get in touch. We love meeting interesting people and making new friends.

Most popular