Embattled hedge fund Platinum Partners is relying on Montieth & Company for PR support as it faces prosecutors and regulators amid accusations of a bribery scheme and fraud.
The $1.3B operation is liquidating its three funds. Probes into Platinum center on whether some investment gains were paid with funds from incoming investors, as well as the firm's alleged mis-valuation of assets.
Montieth & Co. principal Montieth Illingworth told the Wall Street Journal that Platinum stands by its performance record and practices.
Illingworth, who said the firm is cooperating with investigators, told the New York Post that Platinum used an "industry standard" to value assets. “Platinum Partners stands behind its performance record,” he said. “Its ability to generate returns for investors derives in the effective management of the positions.”
Fund manager Murray Huberfeld was arrested in June in an alleged scheme to bribe a New York City corrections union leader with $60,000 in exchange for a $20M investment in Platinum. He has pleaded not guilty to conspiracy and wire fraud charges and given up his stake in Platinum.
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