(UnitedVoice.com) – For nearly four years, the Left has accused President Donald Trump of protecting the rich. They wanted working-class Americans to believe he doesn’t care about them. Meanwhile, the federal government, under his leadership, has continued to go after wealthy people accused of wrongdoing.
According to reports on December 9, BlueCrest Capital Management co-Founder Michael Platt, who once bragged to a taxi driver about how rich he was, received some bad news. The Securities and Exchange Commission (SEC) accused the hedge fund billionaire’s company of lying to investors.
The SEC alleges BlueCrest’s top employees began working on a new fund to manage employee capital in 2011. In the meantime, the company left investors’ money in another fund where a broken algorithm failed to produce results. In doing so, the hedge fund didn’t act in the best interest of its clients and it will pay a hefty $170 million fine for its mistakes.
One Twitter user broke down the scandal to make it easier to digest.
Michael Platt of Bluecrest made 50% in 2016, 54% in '17, 25% in '18 and 50% in '19. Rumored up big in 2020. Per Market Wizards 2012, he averaged 14% years with a 5% max drawdown. When a billionaire trader doubles his profitability, it merits study.
A thread of "Plattitudes":
— Alex Good (@goodalexander) October 25, 2020
BlueCrest didn’t comment about the findings but agreed to pay the fines. And just like that, the federal government under Trump has held another company accountable.
Copyright 2020, UnitedVoice.com