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Heads of Controversial Hedge Fund Arrested

Hedge Funds
by youtube.com posted 1year ago 422 views
In the latest fallout from a wide-ranging corruption probe that stretches from the police department to City Hall, the powerful head of New York City's prison guard union and a hedge fund financier were arrested early on Wednesday morning. According to a criminal complaint unsealed on Wednesday, the longtime president of the Correction Officers’ Benevolent Association, Norman Seabrook, and businessman Murray Huberfeld were charged with fraud and conspiracy. The charges stem from an investment of $20 million of union money that Seabrook made in 2014 in New York-based Platinum Partners. The investment was made in exchange for bribe payments from Huberfeld, who had worked at the firm. Representatives for Platinum Partners were not immediately available. Lawyers for Seabrook and Huberfeld could not immediately be identified. A person familiar with the matter has told Reuters that Seabrook was referred to Platinum by Jona Rechnitz. Rechnitz is a businessman at the heart of an ongoing corruption probe that is examining Mayor Bill de Blasio's fundraising activities, among other things. http://feeds.reuters.com/~r/Reuters/domesticNews/~3/usQH2XRDL24/us-new-york-corruption-hedgefunds-idUSKCN0YU1IO http://www.wochit.com This video was produced by YT Wochit News using http://wochit.com

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