Articles Tagged with Platinum Partners

Murray Huberfeld, a Platinum Partners principal, has pleaded guilty to allegations that he was involved in a wire fraud conspiracy. However, he has not admitted a guilty plea to related to an alleged $1B scam involving his hedge fund.

Huberfeld admitted to misleading his hedge fund when he falsely claimed that a $60K payment was to pay for Knicks tickets when, in truth, it was a bribe to ex-New York City jail union boss Norman Seabrook to invest pension cash.

The money had been issued to fixer Jona Rechnitz. She has since turned government witness in a number of federal corruption probes. The bribe resulted in the Correction Officers Benevolent Association investing $20M in Platinum.

Ex-Gerova Financial Group Head is Sentenced in $72M Fraud

Gary Hirst, the former president of Gerova Financial Group who was convicted of securities fraud and wire fraud last year, has been sentenced to six years behind bars. Hirst defrauded Gerova shareholders when he secretly gave away almost $72M of company stock to co-conspirators and himself.

He and his co-conspirators are accused of issuing huge quantities of stock and bilking stockholders and the investing public in order to earn millions of dollars in ill-gotten gains. Hirst and one of the co-conspirators, Jason Galanis, had gained enough control of Gerova that they could engage in transactions to enrich themselves and others even as they worked to conceal the scam.

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