Tuesday, April 18, 2017
Platinum Equity Buys American Traffic Solutions
Los Angeles-based private equity investor Platinum Equity has acquired American Traffic Solutions, a provider of road safety, red light, and traffic violation cameras, according to the two companies.
Financial details of the acquisition were not announced. ATS, which is based in Arizona, says it has more than 3,500 school bus stop arm, red-light and speed safety cameras installed.
Source: socaltech.com
SEC Charges Platinum Partners and Founder With Defrauding Investors
The SEC charged the founder of Platinum Partners and two of its flagship hedge fund advisory firms with conducting a fraudulent scheme to inflate asset values and illicitly move investor money to cover losses and liquidity problems.
The SEC’s complaint alleges that Mark Nordlicht and the Platinum funds overstated the value of an oil company that was among their largest assets, and they concealed a growing liquidity crisis by transferring money between the funds, making preferential redemptions to favored investors, and using misrepresentations to attract new investors to the struggling funds during what internal documents described as “Hail Mary time.”
The SEC’s complaint further alleges that Nordlicht schemed with two colleagues and an executive at the Platinum funds’ other major oil investment to divert almost $100 million from that company to help boost the Platinum funds.
The SEC’s complaint charges several other individuals in addition to Nordlicht for their roles in the alleged schemes.
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