Platinum Settles With Ponzi Schemer's Bank

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.


In Depth

Humble in Hofstra...One Debate an Election Can Make

Sep 26 2016 | 10:20am ET

Tonight's U.S. Presidential debate, infamously coined the “Humbling in Hofstra...

Lifestyle

Vortic: Reimagining the Custom Wristwatch

Sep 27 2016 | 7:24pm ET

American watch manufacturer Vortic, which started out restoring antique pocket watch...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...