December 14, 2019

Cayman Islands authorities to wind up Beechwood Re following fraud scandal

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By Matt Sheehan From Reinsurance News The Grand Court of the Cayman Islands has approved a petition for the winding up of Beechwood Re, a locally domiciled reinsurer that is being sued for fraud in the U.S and has ties to the hedge fund Platinum Partners, which collapsed after a federal investigation last year. Grand […]

New York Bankruptcy Court permits discovery requests In Chapter 15 Case despite potentially conflicting Cayman Islands law

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From JD SUPRA On April 17, 2018, the U.S. Bankruptcy Court for the Southern District of New York (the “Court”) issued a decision requiring CohnReznick LLP (“CohnReznick”) to produce documents requested by the foreign representatives (the “Foreign Representatives”) in the chapter 15 case of Platinum Partners Venture Arbitrage Fund (International) Limited (in Official Liquidation) (the “International […]

Several New York hedge funders have been arrested and charged with $1 billion fraud

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By Nate Raymond, Reuters From Business Insider NEW YORK — The founder of the New York-based hedge fund Platinum Partners was arrested Monday as prosecutors unveiled an indictment charging him and six others with participating in an approximately $1 billion fraud. Mark Nordlicht, Platinum’s founding partner and chief investment officer, was taken into custody at […]

Cayman Islands: Platinum Partners Fund obtains Litigation Shield

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By JONATHAN RANDLES From Wall Street Journal Judge grants Platinum fund recognition under chapter 15, the section of U.S. bankruptcy law dealing with international insolvencies Platinum Partners’ flagship hedge fund on Monday secured a legal shield that puts on-hold litigation accusing the troubled fund of looting Texas oil and gas company Black Elk Energy Offshore […]

Murray Huberfeld, Co-Founder of Platinum Partners files for Bankruptcy amid NYPD probe

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By Anat Ghelber From Jewish Voice In June of this year, hedge fund Platinum Partners was embroiled in a bribery investigation that has resulted in founder Murray Huberfeld been arrested. He was charged with paying $60,000 in bribes to the president of the New York City Correction Officers Benevolent Association, Norman Seabrook in order to ensure […]

Why did a Jewish schools charity loan $2.3M to failing hedge fund?

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By Josh Nathan-Kazis From Forward A Jewish education charity made a $2.3 million loan to a failing hedge fund this May, two months before the hedge fund’s collapse. Torah Umesorah, also known as the National Society for Hebrew Day Schools, handed the money to a fund controlled by Platinum Partners at a time when the […]