Ex-Platinum Exec Acquitted, Co-Founder Gets New Trial

Law360 (September 27, 2019, 5:04 PM EDT) -- A New York federal judge on Friday acquitted a former Platinum Partners executive who had been convicted of defrauding bondholders in an oil and gas company and ruled that a second defendant, the defunct hedge fund's co-founder, will get a new trial.

Platinum's former co-chief investment officer David Levy and co-founder Mark Nordlicht were found guilty in July of securities fraud and conspiracy. They were accused of defrauding Black Elk Offshore Operations LLC bondholders by rigging a consent solicitation vote to change the bonds' indenture in order to divert tens of millions of dollars in proceeds from a Black Elk asset...

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