Hedge Funds

Authorities allege $1bn fraud at Platinum Partners

Founder Mark Nordlicht and six others charged with defrauding more than 600 investors

Mark Nordlicht, co-founder of Platinum Partners, leaving federal court in Brooklyn, NY, on December 19, 2016
Mark Nordlicht, co-founder of Platinum Partners, leaving federal court in Brooklyn, NY, on December 19, 2016 Photo: Getty Images

In June 2014, the founder of hedge fund Platinum Partners sent a panicked email to his partner.

"It can't go on like this," wrote Mark Nordlicht, fretting about mounting requests from investors for their money back. "This is code red."

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