Skip to main content

There are many things about the Platinum Partners hedge fund fraud(s) saga that are exceptional: The ghoulish strategies. The Ferragamo bags stuffed with cash to win mandates Platinum didn’t even want. The generally mystifying behaviors of many of those adjudicating matters. The witness intimidation. The fact that firm founder Mark Nordlicht and his former lieutenant, David Levy, were cleared of the most serious charges against them—and then of all of them, by yet another judge going rogue.

One thing, however, that was not exceptional was the fact that Nordlicht and Levy were convicted of something, at least according to the Second Circuit Court of Appeals.

After the verdict, lawyers for the two men asked U.S. District Judge Brian Cogan to either acquit the men or grant them new trials. In an unusual move, Judge Cogan did so, acquitting Mr. Levy and granting Mr. Nordlicht another trial….

In Friday’s ruling, U.S. Circuit Judge Robert Sack wrote that there had been sufficient evidence for a rational jury to convict the defendants, and neither an acquittal or new trial was warranted.

“It is accordingly only in exceptional circumstances, where there is ‘a real concern that an innocent person may have been convicted,’ that a court ‘may intrude upon the jury function of credibility assessment’ and grant a [motion for a new trial],” he wrote, quoting from another case.

Appeals Court Reinstates Convictions of Platinum Partners Executives [WSJ]

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.

Related

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

Hedge Fund Never Wanted $20 Million Investment It (Allegedly) Bribed Someone To Get

Platinum Partners would really like to disassociate itself with certain investors right now.

(Rob Lavinsky/iRocks.com via Wikimedia Commons)

Platinum Partners Executives Become Most Predictable Arrests Ever

Rule number one of running a hedge fund like a Ponzi scheme: Don't.

By Chris Potter (Flickr: 3D Judges Gavel) [CC BY 2.0], via Wikimedia Commons

Judge Decides He Won’t Resentence His Friend’s Son’s Former Hedge Fund Colleague

On second glance, yea, Alvin Hellerstein understands why you might think there’s a conflict of interest here.

By Chris Potter (Flickr: 3D Judges Gavel) [CC BY 2.0], via Wikimedia Commons

Here’s A Thing You Probably Shouldn’t Do When Standing Trial

Especially if you’ve got a reputation for intimidation, like Platinum Partners’ Mark Nordlicht.

billions

Inspiration For ‘Billions’ Dominatrix Wins In Court Of Public Opinion

Which is to say she lost in the actual court of the Second Circuit. Soundly.

(Ferragamo)

Conflicts Of Interest Continue To Pay Off For Disgraced Hedg e Fund Manager

Where would Murray Huberfeld be without them? Either in prison for a lot longer, or not in prison at all.