Friday, 31 October 2014
Last updated 2 hours ago
Jun 11 2013 | 10:35am ET
Hedge fund Platinum Partners has won a $70 million settlement from Ponzi schemer Scott Rothstein's primary bank.
TD Bank agreed to cover the $26 million that Platinum owes to the Rothstein bankruptcy estate. It will also pay Platinum $18 million, the hedge fund's president, Uri Landesman, said.
"What we're getting here is all of our losses, plus what we owed the RRA estate, plus all of our legal fees," he said.
"This totally vindicates Platinum, as we were victims of Rothstein's fraud," he added. We have always believed that it would be in our investors’ best interests to exhaust all of our legal options in pursuit of financial recovery. This settlement ensures that our investors will be made whole, an outstanding and just outcome for all our stakeholders."
Platinum invested in Rothstein's fraud through a feeder fund, Banyon Investments.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.