another 1 billion ponzi scheme breaking

The founder of New York-based hedge fund Platinum Partners was arrested on Monday as prosecutors unveiled an indictment charging him and six others with participating in an approximately $1 billion fraud.

Mark Nordlicht, Platinum's founding partner and chief investment officer, was taken into custody at his New Rochelle, New York, home in connection with charges contained in an indictment filed in federal court in Brooklyn.

Others arrested included David Levy, Platinum's co-chief investment officer, and Uri Landesman, the former president of the firm's signature fund, said Federal Bureau of Investigation spokeswoman Adrienne Senatore.


Platinum is liquidating its hedge funds, two of which have received bankruptcy protection.