Conflicts of interest have really paid off for Murray Huberfeld. First, the conflict between former New York City corrections officer union chief Norman Seabrook between his obligations to his fellow guards and his desire to receive large sums of cash stuffed into Ferragamo handbags from Huberfeld in exchange for investing those corrections officers’ pension money in Huberfeld’s allegedly ethically and legally challenged hedge fund, Platinum Partners. Now, sure, in absence of that conflict, Huberfeld would have had a bit less money in the way of fees to play with, but also wouldn’t be going to jail. However, a second conflict, this time on the part of the judge who oversaw Huberfeld’s trial, means he won’t be going to jail for nearly as long as he feared.
A disgraced hedge fund founder was sentenced Tuesday to seven months behind bars for his role in a scheme that screwed the correction officers union out of $20 million…. The long-running case was recently surrounded by intrigue involving Judge Alvin Hellerstein, who sentenced Huberfeld to 2½ years in prison in 2019. That sentence was overturned on appeal.
For more of the latest in litigation, regulation, deals and financial services trends, sign up for Finance Docket, a partnership between Breaking Media publications Above the Law and Dealbreaker.