Hedge Funds

Authorities allege $1bn fraud at Platinum Partners

Founder Mark Nordlicht and six others charged with defrauding more than 600 investors

Mark Nordlicht, co-founder of Platinum Partners, leaving federal court in Brooklyn, NY, on December 19, 2016
Mark Nordlicht, co-founder of Platinum Partners, leaving federal court in Brooklyn, NY, on December 19, 2016 Photo: Getty Images

In June 2014, the founder of hedge fund Platinum Partners sent a panicked email to his partner.

"It can't go on like this," wrote Mark Nordlicht, fretting about mounting requests from investors for their money back. "This is code red."

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Jamie Dimon Says Private Credit Is Dangerous—and He Wants JPMorgan to Get In on ItExternal link

Jamie Dimon Says Private Credit Is Dangerous—and He Wants JPMorgan to Get In on It