Prosecutors label Platinum hedge fund a 'Ponzi' scheme

Federal prosecutors claim that a New York hedge fund, Platinum
Partners, became a massive "Ponzi scheme" that defrauded
investors while collecting over $100mn in fees from unsuspecting
clients.Co-chief investment officers Mark Nordlicht, 48, and David Levy,
31, were among those indicted along with several associates. They
face conspiracy and fraud charges and could be sentenced to as many
as 20 years in prison if convicted, according to Robert L. Capers,
the US Attorney for the Eastern District