Office Of Manhattan-Based Platinum Partners Raided By FBI Agents

Platinum Partners, a Manhattan-based hedge fund, said on June 14 it will unwind its main fund as it faces an investigation by U.S. prosecutors.

According to a report by The Wall Street Journal at that time, a former executive of the fund, Murray Huberfeld, was arrested for allegedly bribing the head of the city's correction officers' union in exchange for a $20 million investment of union money into the firm.

The head of the union was said to have accepted bribes which came in the form of NBA basketball tickets and other perks.

Platinum Partners denied any wrongdoing at the time.

However, Bloomberg reported on Wednesday the Federal Bureau of Investigation and the U.S. Postal Inspection Service both raided the hedge fund's office. The publication noted that the raid appears to be unrelated to the previous bribery allegation, but nevertheless adds to the firm's woes.

The investigation also involves the U.S. Attorney's office in Brooklyn and focuses on the hedge fund's operations.

Bloomberg also quoted a spokesperson at the hedge fund who said management is "fully cooperating" with the search warrant and "we look forward to resolving this on a timely basis."