Jury finds Platinum Partners founder guilty in fraud trial

Jury finds Platinum Partners founder guilty in fraud trial

FILE PHOTO: Mark Nordlicht, Platinum Partners founding partner and chief investment officer, exits after a hearing at U.S. Federal Court in Brooklyn, New York, U.S., January 12, 2017. REUTERS/Brendan McDermid/File Photo

NEW YORK (Reuters) – Mark Nordlicht, the founder of defunct hedge fund firm Platinum Partners, was found guilty on Tuesday of defrauding bondholders of an oil exploration company Platinum controlled, but cleared of charges that he defrauded investors in Platinum’s hedge funds.

The verdict was handed up by a jury in federal court in Brooklyn following a nine-week trial. Platinum’s former co-chief investment officer, David Levy, was convicted of the same conspiracy and securities fraud charges.

Reporting By Brendan Pierson in New York; Editing by Dan Grebler

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