{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Feds Charge Platinum Partners In Fraud Scheme' data-url='/boclips/videos/5c54d2b4d8eafeecae1e3f19' data-video-url='/boclips/videos/5c54d2b4d8eafeecae1e3f19' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nFeds Charge Platinum Partners In Fraud Scheme\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eRESTRICTION SUMMARY: AP CLIENTS ONLYSHOTLIST:AP TELEVISION - AP CLIENTS ONLYNew York - December 19, 20161. Officials enter room2. SOUNDBITE (English) Robert Capers, US Attorney, Eastern District of New York:\"Today we are announcing the...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eRESTRICTION SUMMARY: AP CLIENTS ONLYSHOTLIST:AP TELEVISION - AP CLIENTS ONLYNew York - December 19, 20161. Officials enter room2. SOUNDBITE (English) Robert Capers, US Attorney, Eastern District of New York:\"Today we are announcing the arrest of seven individuals associated with a New York-based hedge fund call Platinum Partners. The defendant, Mark Nordlicht, Platinum's founder and chief investment officer and co-defendant David Levy, Platinum's co-chief investment officer, are both charged together with three other co-defendants with carrying out a $1 billion scheme that defrauded Platinum's investors beginning in 2012 and continuing through this year.\"3. Capers at podium4. SOUNDBITE (English) Robert Capers, US Attorney, Eastern District of New York:\"These defendants defrauded Platinum's investors by falsely portraying that their flagship hedge fund, PPVA was thriving when it in fact was not.\"5. Capers at podium6. SOUNDBITE (English) Robert Capers, US Attorney, Eastern District of New York:\"PPVA had a large stake in the oil company, Black Elk. In November 2012 a Black Elk oil platform exploded, killing three workers. Consequently Black Elk's oil production when dramatically down and it couldn't pay its bills. But that didn't stop Platinum from continuing to overvalue Black Elk at more than $280 million, almost 40 percent of the PPVA's assets.\"7. Graphic illustrating alleged fraud scheme8. SOUNDBITE (English) Bill Sweeney, FBI Assistant Director:\"Emails detailed in the indictment show these co-conspirators discussed how to hide their lives from investors; one calling everything they do to cover up their losses as 'the big stew.'\"9. Wide presser10. SOUNDBITE (English) Andrew J. Ceresney, SEC Director of Enforcement:\"Our complaint alleges that the PPVA fund began experiencing liquidity problems as early as 2012 and that those problems kept growing as investors looked to redeem their investments.\"11. Shot of alleged email exchanges between suspects12. SOUNDBITE (English) Andrew J. Ceresney, SEC Director of Enforcement:\"PPVA found itself without sufficient cash to pay the redemptions. In a candid email from June 16, 2014 Nordlicht admitted to Ury Landesman, a managing partner at PPVA and a co-defendant in today's actions, the dire condition the fund was in.\"13. Shot of alleged email exchanges 14. SOUNDBITE (English) Andrew J. Ceresney, SEC Director of Enforcement:\"Our complaint alleges that this candid opinion of the dire situation was not shared with the funds investors or the prospective investors they were pitching to and obtained additional funds from.\"15. Shot of alleged email exchanges between suspects16. SOUNDBITE (English) Andrew J. Ceresney, SEC Director of Enforcement:\"As redemption requests came in and the funds liquidity problems prevented full payment of those requests we allege that Nordlicht and some of the other defendants work to hide the depth of the problems from investors, concealing my liquidity problems while attempting to raise money from new investors.\"17. Wide press conferenceSTORYLINE:Hedge fund executives were charged Monday in a $1 billion fraud case linked to an oil rig explosion in the Gulf of Mexico that killed three workers and injured several others.Officials with Platinum Partners were to appear in federal court in Brooklyn to face charges that they lied to investors about the performance of a fund that ran into trouble when one of its largest assets, the Black Elk oil exploration company, had a rig explode in 2012 off Louisiana.Mark Nordlicht, Platinum Partners' chief investment officer, was charged with securities fraud conspiracy and other offenses. Six other people, including the former chief financial officer at Black Elk, were named in an indictment that details an alleged scheme that cheated investors out of $1 billion.Authorities accused Platinum of falsely reporting an average of 17 percent returns while collecting more than $100 million in fees during the conspiracy. When investors began to ask for their money back, the hedge fund paid them with new investments and internal loans, U.S. Attorney Robert Capers said at a news conference.There was no immediate response to a message seeking comment from Nordlicht's attorney. Platinum representatives did not immediately respond to a comment request.The evidence includes emails between Nordlicht and others that \"illustrated their knowledge and awareness of the fraudulent scheme,\" the indictment said.As the New York City-based hedge fund began to go under in December 2015, Nordlicht wrote that he was thinking about using $7.5 million from a second mortgage on his home to try to keep it afloat, the papers say. 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