Hedge fund executives charged in alleged $1 billion fraud

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NEW YORK  — The top executives of a hedge fund have been charged in what federal prosecutors say was a $1 billion fraud.

Mark Nordlicht, the founder and chief investment officer of Platinum Partners, and six co-defendants face charges of securities fraud, investment adviser fraud and conspiracy, Robert Capers, the U.S. attorney in Brooklyn, New York, said Monday.

The co-defendants include David Levy, the co-chief investment officer, and Uri Landesman, the former president of Platinum’s investment fund, prosecutors said.

The nature of the alleged fraud was not immediately clear.

Representatives for Platinum Partners and lawyers representing the company did not immediately return messages from CNNMoney.

Two of the company’s funds were ordered liquidated earlier this year by a Cayman Islands court.