(FinancialHealth) – As if Americans weren’t already struggling enough, it appears as though at least one member of the upper class has been taking advantage of investors in an elaborate hedge fund scheme.
Our friends at United Voice recently reported on the story of BlueCrest Capital Management co-founder Michael Platt. The SEC is currently investigating Platt for lying to his investors.
So what’d he do? Platt is accused of moving the funds of employees to a hedge fund that was doing well, while at the same time leaving the money of investors in a fund where he allegedly knew a broken algorithm was producing poor results.
While BlueCrest hasn’t commented, it does appear as though they’ll be paying a hefty $170 million fine. Check out the rest of the UnitedVoice story here; and don’t forget to check on your own investments from time to time. It’s obvious not all financial advisors can be trusted to act in our best interests.
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