NY hedge founder indicted in $1 billion fraud case

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NY hedge founder indicted in $1 billion fraud case

United States attorney Robert L Capers in New York City scheduled a news conference to discuss the case against Platinum Partners founder and chief investment officer Mark Nordlicht.

Prosecutors said Brookyln U.S. Attorney Robert Capers and Andrew Ceresney, the director of enforcement at the U.S. Securities and Exchange Commission, would announce the charges at a news conference later on Monday.

The founder of the hedge fund that invested pension money for former Correction Officers' Benevolent Association president Norman Seabrook and six others were arrested in a federal fraud indictment to be unsealed Monday.

In June, the Federal Bureau of Investigation arrested a longtime associate of Nordlicht, Murray Huberfeld, along with Norman Seabrook, the head of the country's largest municipal jail guard union.

Founded in 2003, Platinum Partners is an investment management group that has had more than $1.3 billion in assets under management.

Representatives for Platinum Partners and lawyers representing the company did not immediately return messages from CNNMoney.

In August, Platinum Partners Value Arbitrage Fund (International) Limited and Platinum Partners Value Arbitrage Fund L.P. were placed into liquidation and provisional liquidation, respectively, under orders issued by the Grand Court of the Cayman Islands, according to the company's website.

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