Feds Rip Platinum Bids To Dodge Fraud Raps Post-Trial

Law360 (August 21, 2019, 7:35 PM EDT) -- Prosecutors on Wednesday urged a New York federal judge to reject attempts by two former Platinum Partners executives to overturn their convictions for defrauding bondholders in one of the defunct hedge fund’s oil and gas portfolio companies, ripping their arguments as “inflammatory baseless allegations.”

Platinum co-founder Mark Nordlicht and former co-chief investment officer David Levy were found guilty last month of securities fraud conspiracy for defrauding Black Elk Offshore Operations LLC bondholders by rigging a consent solicitation vote to change the bonds’ indenture, in order to divert over $77 million in proceeds from a Black Elk asset sale to Platinum ahead...

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