Platinum Partners: hedge fun execs charged with $1B in fraud case

Platinum Partners founder Mark Nordlicht along with six other hedge fund executives have been arrested and charged in a $1 billion fraud case, according to Justice Department officials. The company, an investment management group founded in 2003, has more than $1.3 billion in assets under management. The hedge fun specializes in distributing loans to struggling companies, and has been previously involved in a public-corruption investigation. The company told companies earlier this year that they planned on liquidating funds, but were unable to immediately repay them.