(Reuters) - Platinum Partners, the hedge fund firm that was raided by federal agents in June, has appointed an independent monitor to oversee the liquidation of its main funds, according to a letter sent to investors Wednesday.
Bart Schwartz of Guidepost Solutions will “assist...with the development and implementation of a plan for the orderly liquidation of the Funds under management,” according to the letter.
Schwartz will also “report to the SEC at least monthly as to the status of our engagement, the consummation of any sale transactions, and the identification of any actual or potential violations of federal securities law, if any, which may come to our attention during the course of our oversight,” according to the letter.
Schwartz served under U.S. Attorney Rudolph Giuliani as the Chief of the Criminal Division in the Southern District of New York, according to biographical materials from Guidepost.
“Bart Schwartz will play a key role in ensuring that investors best interests are served as we monetize the funds and meet redemptions. His standing with the investment community, regulators and law enforcement is beyond reproach and we’re very pleased to have his assistance,” Platinum spokesman Montieth Illingworth of Montieth & Company said in an emailed statement.
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