December 6, 2021

Hagens Berman alerts Platinum Partners LP Funds Investors to Cayman Islands

Pin It

screen-shot-2016-09-10-at-12-13-52-pmFrom EconoTimes

Liquidation Order and Reminds Them of Continuing Investigation

SAN FRANCISCO, Sept. 09, 2016 — Hagens Berman Sobol Shapiro LLP alerts Platinum Partners LP Funds investors that a Cayman Islands judge entered a liquidation order and reminds investors of its ongoing investigation into potential fraudulent conduct towards investors.

If you have invested with Platinum Partners LP hedge funds, including Platinum Partners Value Arbitrage Funds (domestic or Cayman Islands) or Platinum Partners Credit Opportunities Fund, contact Hagens Berman Sobol Shapiro LLP through our website at:

or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing [email protected]

On August 24, 2016, Reuters reported that a Cayman Islands judge appointed an insolvency specialist as a liquidator of Platinum Partners Value Arbitrage Fund (International) Limited. RHSW Caribbean will work with Guidepost Solution’s Bart Schwartz to assist in liquidating the hedge funds and report to the Securities Exchange Commission, which is reportedly investigating Platinum Partners along with the Department of Justice.

Investors in the funds claim to have not received redemptions for over a year, raising issues as to what is happening with their money and the investments. During a June 2016 hearing on a legal dispute over repayment of a $30 million debt owed by Platinum Partners Arbitrage Fund to New Mountain Finance Corporation, a New York State Supreme Court Justice said to Platinum’s defense counsel, “I haven’t seen any proof from you then that the fund is worth over a billion dollars. As far as I know, the fund is worth five cents.” Media reports cite unidentified persons who claim that Platinum may have counted oil fields as its most valuable asset, worth many times what it paid for them.

Hagens Berman’s investigation is focused on whether Platinum Partners paid investors who have been attempting to redeem their hedge fund positions since 2015 with money gained from newly incoming investors – the hallmarks of a Ponzi scheme. The Firm is also investigating whether Platinum falsified the liquidity and value of the investments by its funds for which there was no public market price. The investigation also focuses on the conduct of Platinum Credit Holdings LLC managing member Mark Nordlicht; Platinum Credit Management LP; Platinum Partners Value Corp.; Platinum Management (NY) LLC; We are also investigating the roles of sellers and dealers who may have received sales compensation, a percentage of the management fees and/or performance allocations of the investment manager or affiliates including Palladium Capital Advisors, LLC and Monarch Bay Securities LLC; Financial Fairplay AG, Cantone Research, Inc; Thomas Group Capital; Cluran Group; Fin West; Alphasource Capital Securities LLC; Paratum, Inc.; Eaton Partners, LLC; Abraham Biderman/Eagle Advisors; Spencer Clarke LLC; Seton Securities Group; C-Advisors; Bhargava Capital; KPG Capital Partners LLC; Gar Wood Securities, LLC; Alpha Capital Securities LLC.

“Hagens Berman has extensive experience representing investors in litigation involving Ponzi schemes like the Madoff Ponzi scheme,” said Hagens Berman Partner Reed Kathrein. “If money is missing, or fraud was committed, litigation, not liquidation, is going to recover investor losses.”

Whistleblowers: Persons with non-public information regarding Platinum Partners should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email [email protected]

About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at Read the Firm’s Securities Newsletter, and visit the blog. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.


Print Friendly, PDF & Email
About ieyenews

Speak Your Mind