NEW YORK, July 26, 2016 /PRNewswire/ -- Wolf Popper LLP is investigating potential fraud claims on behalf of investors in Platinum Partners, L.P.'s investment funds, resulting from an ongoing federal investigation into whether the hedge fund, Platinum Partners has misstated values of some of its holdings, including its flagship fund, Value Arbitrage Fund. Platinum investors can contact Fei-Lu Qian at 877.370.7703 or [email protected] for more information.
On June 8, 2016, it was reported by various news outlets that a day earlier, Platinum founder and manager, Murray Huberfeld was charged for bribing a union leader with $60,000 in cash to secure a $20 million investment from the Correction Officers' Benevolent Association. Two weeks later, on June 22, 2016, Platinum's offices were raided by the Federal Bureau of Investigation and the U.S. Postal Inspection Service.
On July 25, 2016, The Wall Street Journal reported that in June, Platinum had "suspended redemptions from its flagship fund and stopped giving performance updates," and now, the hedge fund is moving to liquidate the Value Arbitrage Fund and "the rest of the firm." According to the article, the federal investigation is "looking into whether, before the suspension, Platinum had been paying some reported investment gains to exiting investors with money from incoming ones," in a Madoff-like Ponzi scheme.
Wolf Popper LLP is highly experienced in litigating claims concerning Ponzi schemes having successfully litigated similar claims on behalf of investors in Madoff feeder funds. In addition, Wolf Popper has extensive experience representing shareholders in securities class actions and has successfully recovered billions of dollars for defrauded investors. The reputation and expertise of the firm in representing shareholders has been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. See www.wolfpopper.com.
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SOURCE Wolf Popper LLP