Platinum Partners executives charged with running US$1b fraud
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New York
TOP executives of New York-based hedge fund manager Platinum Partners were arrested on Monday and charged with running a US$1 billion fraud that federal prosecutors said became "like a Ponzi scheme" as its largest investments lost much of their value.
Led by Mark Nordlicht, Platinum was known for years for producing exceptionally high returns - about 17 per cent annually in its largest fund - by taking an unusually aggressive approach to investing and fund management, as detailed by a Reuters Special Report in April.
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