Ponzi Scheme: Again

       Platinum partners: has a nice ring to it.   If it's made of platinum, it must be good.  So, the DOJ arrested the founder of Platinum Partners Hedge Fund and charged him with running a Ponzi Scheme, the largest since the notorious Ponzi of Ponzi Fundsters, Bernie Madoff, made off with about $8 billions of other peoples money.   With all the regulations out there concerning investments and oversight, it would be hard to pull this off.  But, no, it is still possible to accomplish.   But, we are talking only a billion dollars.
       On Monday, 6 partners were arrested and charged with faking the firm's investment performance.  Mark Nordlicht, the chief investment officer was among the 6 held.   Investigatrs were also looking into the relationship between them and Murray Huberfeld and Israel Englander, head of $34 billion hedge fund Millennium Management.  Also being investigated is Beechwood Re,  a Bermuda reinsurer, two thirds of which is owned by---------Platinum Partners.
      So, some high fliers have had their wings clipped, again.   Mr. Nordlicht was an investment manager with another well known Wall St. firm until he decided he was smarter than the company he worked for.  Oh, well.  High finance-not without pitfalls for some players and investors.  Seems like there are more risks in management than in investment vehicles.
      We'll have to see how many of these fraudsters go to jail.  Mr. Nordlicht will probably get 20 years as a starter.  maybe he and Bernie can talk of the "good old" days together at their new home.