These are the stocks posting the largest moves before the bell.Market Insiderread more
U.S. stock futures pointed to a higher open on Monday as Treasury yields rebounded to quell fears of a possible recession.US Marketsread more
The Business Roundtable, a group of CEOs of nearly 200 major U.S. corporations, gave a new definition of the "purpose of a corporation."Marketsread more
Trump said he doesn't see a recession after the bond market spooked investors and the Dow suffered its worst day of the year last week.Marketsread more
Bianco Research's James Bianco suggests Wall Street is desperately looking for a signal that a 50 basis point cut is coming next month.Trading Nationread more
U.S. Commerce Secretary Wilbur Ross said the U.S. will extend a reprieve given to Huawei that permits the Chinese firm to buy supplies from U.S. companies.Politicsread more
Dow to jump; Trump defends economy; Huawei hopes for US reprieve; Trump and Apple's Tim Cook meet; president ties Hong Kong protests to China trade disputeMarketsread more
The U.K. prime minister prepares to meet his German and French counterparts this week.Europe Politicsread more
Amazon is raising seller fees for thousands of small and medium-sized businesses in France because of a new digital tax passed by the French government.Technologyread more
Ahead of the deadline, U.S. President Donald Trump told reporters that Huawei was a national security threat.Technologyread more
Target is launching its biggest brand yet, Good & Gather. Target expects the grocery label will be a multibillion-dollar brand by the end of 2020.Retailread more
NEW YORK, Feb 26 (Reuters) - Former Platinum Partners chief Mark Nordlicht and other executives of the now-defunct hedge fund group are due to go to trial on Tuesday on charges they defrauded investors out of $1 billion.
Opening statements are expected to begin in the morning before U.S. District Judge Brian Cogan in federal court in Brooklyn.
On trial alongside Nordlicht are David Levy, who was Platinum's co-chief investment officer; Joseph SanFilippo, who was chief financial officer of Platinum's flagship Value Arbitrage fund; and Daniel Small, who was a Platinum managing director. All have pleaded not guilty.
Prosecutors charged the defendants in December 2016 with orchestrating two fraudulent schemes involving Platinum, which struggled to attract large institutional clients despite years of golden returns from niche and unsavory investments.
In one scheme, Platinum was accused of overvaluing its often-illiquid assets to collect higher fees, and falsely reporting annualized returns topping 17 percent.
Authorities said Platinum operated "like a Ponzi scheme" by using new money to fund redemptions by earlier investors, which were referred to internally as "Hail Mary time."
The second alleged scheme centered on Black Elk, a Platinum-controlled oil exploration company. Prosecutors said the defendants defrauded Black Elk's bondholders out of $50 million by diverting the proceeds of asset sales to Platinum ahead of Black Elk's 2015 bankruptcy.
Reuters described Platinums use of related parties in its Black Elk bond vote in an April 2016 Special Report: https://www.reuters.com/investigates/special-report/usa-hedgefunds-platinum/
Nordlicht has said in court papers he believed in good faith Platinum would resolve its liquidity issues and that the company's collapse was caused by press coverage about the government's investigation ahead of the indictment. He claims the reporting may have been fueled by leaks from prosecutors.
Cogan ruled last Tuesday that Nordlicht could introduce evidence about the effect of media coverage of the investigation on Platinum's finances, but not about the source of the leaks.
Prosecutors have not publicly named their witnesses, though they are likely to include investors. Former Platinum Chief Operating Officer Naftali Manela and former Chief Marketing Officer Andrew Kaplan have pleaded guilty and agreed to cooperate with prosecutors, according to a person familiar with the case, suggesting they may testify as well.
Platinum's assets are currently being liquidated under the oversight of court-appointed receivers. To read more, see: https://www.reuters.com/article/us-hedgefunds-platinum-idUSKBN14D0FP
Platinum was also implicated in corruption charges brought by Manhattan federal prosecutors against the former head of New York City's prison guard union, Norman Seabrook, and Platinum co-founder Murray Huberfeld. Seabrook was found guilty last August of taking a bribe to invest $20 million of union funds in Platinum.
Huberfeld pleaded guilty to one count of conspiracy last May for his role in the scheme. (Reporting by Brendan Pierson in New York; Editing by Tom Brown)