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Platinum Partners Could've Dealt Without Being Raided By The FBI Today

Unfortunately, nobody asked them.
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Rob Lavinsky, – CC-BY-SA-3.0 [CC BY-SA 3.0], via Wikimedia Commons

via Wikimedia Commons

In addition to seeking out investments that will offer superior returns for its clients, a couple things that hedge fund Platinum Partners has been up to lately are:

1. Complying with a subpoena it received from the U.S. Attorney's Office for the Eastern District of New York and
2. Dealing with a separate "wide-ranging corruption investigation by the U.S. Attorney's Office for the Southern District of New York"

So what it probably didn't reaaaaally need today was to have the Feds show up to headquarters with a search warrant, but when it rains...

Agents from the Federal Bureau of Investigation and the U.S. Postal Inspection Service raided the New York headquarters of hedge fund firm Platinum Partners Wednesday morning, according to a person familiar with the situation. “We are in receipt of a search warrant from law enforcement and are fully cooperating. We look forward to resolving this on a timely basis,” Platinum said in a statement emailed by an external spokesman.

Platinum Partners raided by federal agents amid dual investigations [Reuters]


Rob Lavinsky, – CC-BY-SA-3.0 [CC BY-SA 3.0], via Wikimedia Commons

Things Are Going To Get A Lot Worse For Platinum Partners Before They Get Better

Or they'll just keep getting worse and never get better. It's one of these two things.

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