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Platinum’s California Oil Fields Said To Be Subject Of Probe

by bloomberg.com posted 2years ago 2887 views
Before federal agents raided the offices of Platinum Partners in June, the $1.2 billion hedge fund had been reporting robust returns, thanks partly to oil fields it owns in California. Platinum counted the oil fields as its most valuable asset, worth many times what it paid for them, according to its most recent audited financial statement. But the project was a flop that never produced much oil and wasn’t worth nearly as much...